Is a Trust Right For Me

Is a Trust Right for Me?

       Trusts are one of the most effective estate planning tools for preserving assets for heirs and avoiding the high costs and hassles of probate administration. A common myth we hear from clients is that “I am not rich enough to have a trust.” or “I don’t have enough assets for a trust.” Both sentiments can cause clients to overlook one of the most powerful wealth preserving tools available under our legal system.

       A trust is a legal entity that owns assets like stocks, real estate, personal property, etc. Owning property in trust splits ownership into two. The responsibility and management of the property is vested in a trustee that is assigned in the trust document while the benefit, use, and enjoyment of the property is vested in the beneficiaries named in the trust document. Since the trust (rather than the beneficiaries) is the legal owner of the property, the property is protected from creditors of the beneficiaries or having to go through probate.

Estate Planning

     A trust is right for you if . . . 

     • you have assets that you want pass onto your loved ones (including pets).

     • you want to leave assets for heirs who cannot responsibly hold and manage assets due to minority, substance abuse, addiction, disability, divorce, or poor decision making.

     • you want to buy a house but cannot get your legal spouse to cooperate with signing the appropriate paperwork.

    • you have concerns about becoming eligible for Medicaid for long term care.

    • you want to own a home while maintaining your privacy.

    • you want to avoid the costly and time-consuming process of probate administration for your assets.


       If you would like to see if a trust is a good fit for you, please give us a call for a consultation.

Further Reading

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