Do I really need a Living Trust?
When I meet with people asking questions about Estate Planning the most common question I get is “Do I need a Trust?”
If you look on the internet, much of the internet you will find talks about getting a Trust, Probate, and the benefits of having them. I tried to work through the process of whether they actually need a trust. Most people do not need a trust in order to effectuate the estate plan that they want, and have the estate plan that is most effective for them. Because of all the information on the internet, they think they have to have a trust.
Then I found this piece of information, “Living Trust?” a brochure from the Idaho State Bar. It asks the fundamental question, “Do you really need a Living Trust?” There are 11 different points in this wonderful brochure that explain why a Living Trust is not a fit for everyone. Most people don’t need a Living Trust. It’s not necessarily in your benefit to have one. We try to help people work through the process to figure out, individually, what they really need. We will then get them what they really need for their estate plan, rather then just get them a trust. Most people don’t understand what the Trust does, why they have it, how it helps, or if it’s helping them at all. Most often people end up spending thousands of dollars on estate planning documents that don’t really meet their needs. We try to help people to get what they really need.
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