Do you need a trust?

I already have a will & my attorney told me I don’t need a trust.

The primary reasons for a trust are: 1) to avoid probate; and 2) more importantly: protection. Unlike a living trust, a will does not avoid probate; in fact, a will is not valid until the probate judge “proves” or validates the will.

What is probate?

Probate is the court-supervised process of proving a will, appointing an executor, and settling an estate (making sure your debts are paid and assets are distributed according to your will).

Do I lose control with a trust?

Absolutely not. You are in full control over all of your assets. In fact, nothing changes financially for you when you have a trust. Your taxes, account transactions and day-to-day activities remain unchanged.

What happens at incapacity?

If you have a will or don’t have one, the court will take control of your assets when you become incapacitated. When this happens, the immense court costs and legal fees are impossible to estimate and often exceed the cost of probate! And remember, the asset still must be probated when you die, making the asset go through the court system twice!

What if I have minor children?

If you have minor children it is imperative for you to: 1) name guardians of your children in a Last Will and Testament; and 2) create a Trust to name the person(s) to manage and distribute (with your rules and suggestions) the inheritance to your children. Remember, a Will must go through probate whereas a Trust avoids probate. While the appointment of guardians for your children will require a probate court, management of your children's inheritance is best left outside of court and under your rules from a Trust.

If a Trust is placed inside of a Will it is called a "Testamentary Trust" and does not avoid probate. Moreover, most Testamentary Trusts (and many Living Trusts) do not contain all of the vital protections that will make sure your children's inheritance stays with them. CompleteMyEstatePlan.com can guide you through setting up both of these documents offering suggestions and providing the top tier, law firm quality documents from our legal professionals.

If you have a trust and you are married, your spouse will still have instant control over the trust assets. If you are single, your named trustee will immediately step in to manage your assets until you are no longer incapacitated– then you regain control instantly! Moreover, CompleteMyEstatePlan.com ensures your trust has all the protections available to protect the inheritance for your heirs - this is the most important and most overlooked aspect of a quality trust.