Do You Need A Trust?

Do you need a trust or can you get by with a simple will?

There are many factors to consider when deciding whether to spend the money necessary to set up a trust.

Here are some, according to an article in Forbes:

  • How much of your estate can you shield from probate? One of the main reasons for having a trust is so you can bypass the time and cost of probate. Not all assets, such as retirement accounts, are not subject to probate, however.
  • Will you qualify for simplified probate? In some states, including California, probate estates under a certain amount can qualify. If so, it may not be necessary to spend the money needed to set up a trust.
  • How expensive is probate in your state? You need to find out from your estate planning attorney the cost of probate verses the cost of a trust. Probate can be very expensive in certain states, such as California.
  • Do you own real estate out of state? If so, you might be better off with a trust or you may have to go through probate in more than one state.
  • How comfortable are you with the details of your estate being public? If you want secrecy, get a trust.
  • Do you have a child with special needs? A trust can provide for that child.
  • Is your estate taxable – worth more than $5.34 million? If so, a trust may be used for minimizing taxes.

If you have questions about estate planning, feel free to contact us for a consultation by calling (626) 696-3145.

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