Welcome to Trust Meme!
As estate planning attorneys the most common questions we deal with boil down to these: Do I really need an estate plan? If so, do I need a trust plan or just a simple will? Is it going to be worth it in the long run?
The sentiment has become so common that it almost makes us cringe to hear someone ask it. Yet, as with most legal matters, the answer can be as straightforward or as complex as you choose to make it. Here's the short version: Yes!
Generally speaking if you own a home and have kids you will need a trust to adequately plan your estate. There is no viable alternative to avoid probate and the potential problems that could accompany it, other than a trust for the average family. That being said, a poorly drafted plan can sometimes do more harm than good. So, if any of the following are important to you, not only should you look into getting a properly structured trust plan, but it will likely be well worth the investment.
1. Avoiding the costs, publicity, and delays of probate
2. Avoiding tax consequences from transferring property
3. Avoiding family conflicts after your passing
4. Avoiding the need for Guardianship during incapacity
5. Making sure your affairs can run smoothly in your absence
6. Taking care of a business, minor children, aging parents, and/ or special needs children in your absence
7. Planning for long term care needs and benefits for you or a loved one
8. Making sure your assets and property are distributed according to your wishes
9. Making sure your heirs are not corrupted by their inheritances
10. Leaving behind a legacy of values, family history, stories, and memories
Clearly, there are many more considerations as well, but the moral of the story is proper planning just makes sense. Contact us to schedule a consultation today and find out the difference a personalized plan can make for your family's future.