If you want your estate going to family members, you certainly don’t want it going to distant relatives or the government. Estate planning is an essential part of retirement planning. Too many times surviving family members undergo unnecessary stress, simply because the deceased member didn’t take the time to arrange his or her estate. You can accomplish this without giving up any control of your funds.
- A Will Verses A Trust
How do you know when you need a Trust instead of a Will? Here is a quick reference to help you make that choice.
(NOTE: Always consult an attorney before making any changes to legal documents).
|FACTORS TO CONSIDER||USE A WILL||USE A TRUST|
|Age||Young/Under 40||Older/Over 55|
|Concern about incapacity||Good Health||Poor Health|
|Desire for privacy||Low||High|
|Size of Estate||Small||Taxable or nearly so|
|Current status||Up-to-Date Will||Simple Will or none|
|Desire to protect family||None needed||Strong Desire|
|Likelihood of Contest||Little or none||Some chance|
In his book, A Funny Thing Happened on My Way to Work…I Retired, Steve says a will does not avoid probate court. On the contrary. “Having a Will is an engraved invitation to the probate party.” If you said yes to any of the situations in the Trust column, it is time to consult an expert about your estate.
Regardless of the size of your estate, there is a trust available to meet your estate planning needs. In addition to the standard Living Trust, there are Credit Shelter Trusts, Charitable Remainder Trusts, various Irrevocable Trusts, and more. Our team is ready to assist you in planning your wealth transfer.