DO I NEED A TRUST?
Often I am asked, “Do I need a trust?”
Here’s who needs a living trust:
1. If you have children or
2. If you have assets that total more than $50,000,
3. If you have real estate such as a house. Even if you don’t have equity in it right now, that can happen pretty quickly.
A trust will bypass a probate and the goal is to do just that.
It also makes it very clear what your intentions are.
Questions such as,
• who should be in charge of watching out for my kids,
• who should be in charge of distributing money
• and those kinds of things.
This can also be accomplished by having a will. But if a will is the only thing you have in place when you die, you are going to have to go through probate.
A probate proceeding is a legal proceeding where somebody has to go into the court before a judge and have everybody who wants to make a claim against that probate estate make it.
It takes a while to go through. It may take anywhere from four months to a couple of years or more and it really can be a mess.
It can also be very expensive because there are professionals that need to be hired.
Do I need a trust? Absolutely, if you have more than $50,000 in assets, if you have a house, or if you have children you want to make sure they are looked out for properly. I have done this for my clients and saved them the expense and trouble of a long, drawn out process of being in probate.
I can set that up and tell you whether you need it or not. We are here to make the right determination and recommendation for you.
If it is not time yet, if you have a very small family, if you don’t have real estate yet, maybe you could wait a while. But it doesn’t cost that much to do a trust and it should be looked into.
We offer an initial consultation, free of charge, so we can listen to your specific situation and tell you what we recommend.