|Posted on May 8, 2014 at 12:45 AM|
Are living trusts a useful tool? Yes. But so are riding mowers. Just as a riding mower is the right tool for keeping many lawns in good shape, a living trust may be the tool that is appropriate, or even necessary, to satisfy your needs and desires in your particular situation. On the other hand, a living trust may be clearly inappropriate or unnecessary in your particular situation. Or, you may be (as many persons are) in a gray area, where the advantages and disadvantages of a living trust seem to be almost equal. If you determine that a living trust may be beneficial to you, but the advantages do not clearly outweigh the disadvantages, the decision to use a living trust or to simply use a will (possibly one that includes trust provisions), is a matter of personal preference on your part. I view my job as not to steer persons toward or away from using one estate planning tool as opposed to any other tool, but to help individuals develop an estate plan that meets their needs in a way that is likely to minimize the total expense, effort, and time involved in both creating plans, and ultimately carrying them out in an efficient and cost effective manner.