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. The second aspect is protection. While most trusts do not offer any protection from creditors, quality trusts like the ones offered by CompleteMyEstatePlan will include every protection available giving you peace of mind with your estate plan.

Many trusts contain what is known as a "spendthrift" provision essentially stating that the inheritance will not be available for the claims of the beneficiary's creditors.

While this provision, if included, can be effective after the trust creator dies but BEFORE the beneficiary receives the inheritance; it almost always fails to protect AFTER the beneficiary has received the inheritance, even if the monies are still held in the trust.

Protecting the inheritance during the short trust settlement period is one thing; protecting the inheritance for the lifetime of the beneficiary is another. CompleteMyEstatePlan makes sure your trust beneficiaries have all the protections available for their entire life.

CompleteMyEstatePlan trusts contain protective provisions that give the maximum protection both BEFORE and AFTER the beneficiary receives his or her share of the trust estate - making sure that the inheritance goes to the beneficiaries as you intended. This post-distribution protection is but one of many ways we separate ourselves from the competition - top tier estate plans at the lowest online prices.

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). Probate is an expensive process and can delay distributions to your heirs for months or even years. Moreover, it is a public process allowing others to view the settlement of your estate.

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.

When your children are no longer minors trusts can still provide value and a benefit = protecting the inheritance. While most online estate plan providers (and many law firms) do not put protective provisions within their trust documents, here at CompleteMyEstatePlan we make sure your trust documents contain every protection available.

If a Trust is placed inside of a Will it is called a "Testamentary Trust" and does not avoid probate. A Revocable or Living Trust is a separate document (not inside of a Will) and avoids 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.