Under what conditions do you recommend a living trust?
Under what conditions do you recommend a living trust?
A trust is an arrangement in which one person (known as the "trustee") controls the property of another (known as the "beneficiary"). The trustee can use or manage that property for any purpose, but it becomes part of the beneficiary's estate when she dies. Although trusts are common for the super-rich and for business owners, they can also be very useful for less wealthy people as well. In fact, many people who have relatively small estates may find that trusts are more beneficial to them than traditional wills.
When should you consider a living trust? A living trust might be right for you if:
- You want to avoid probate
- You want to minimize estate taxes
- You want to keep control over your property after you die
A living trust is a great idea for a lot of people, but it's not always a good choice. The key question to ask yourself is whether you're likely to need a guardian for your finances or medical decisions (such as who will make medical decisions if you are no longer able to do so).
If the answer is yes, then you should probably consider setting up a trust. That's because a trust can help maintain the privacy of your finances so that only trusted individuals will be able to handle them, and it can help avoid family conflicts over your money by having someone else make financial decisions for you if necessary.
A trust can also be helpful if you don't have any family members who are close to you, or if there are reasons why it could be hard for them to get access to your accounts. But there are some cases where a living trust isn't the best solution: if there's someone in your life who shares your core values and whose judgment you trust, or if you have a small estate that's not worth fighting over anyway. If there are already people readily available who share your core values and that you can rely on to make appropriate financial decisions, then it might not be worth it to create legal documents that would force them into those positions.
If you have any questions or in need a Living Trust Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
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Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
