Do I need a Trust?
That depends on your Estate Planning goals. If your goal is to stay out of probate, then yes. If your goal is to leave some money to a church, animal shelter, or charity over a period of time (say yearly for 10 years), then yes. If your goal is to pay for some of your children's or grandchildren's college education, then yes. A Trust is much more flexible than a Will and it allows you to control what happens to your assets after you die.
For younger parents just starting out, a Trust can be very beneficial if something were to happen to both parents; i.e., they pass away. With term life insurance being very affordable when you're young ($30 a month for a half million dollars!!) you can set up a Trust to provide for your children. Without a Trust, the money from the life insurance would be stuck in the Probate Court until your children turn 18 years old. Then they would get it in a LUMP SUM!
With a Trust, you can control what happens to the money while your children are growing up. For instance, you can provide money monthly for the person or couple raising your children (have a Will drafted for you so you can chooses who will raise your children), you can state that the money can be used for study abroad programs, or band camp, etc. You can also state that your children can use the money for college, or to buy a home or vehicle, but they only get certain cash amounts when they turn 25 or 30 years old. You get to control it!
Please call our office for a FREE initial consultation to discuss your Estate Plan.