I take a different view on trusts compared to many practitioners I know. From my perspective, revocable trusts have a limited degree of utility. Usually, a good Will effectively and efficiently transfers your estate.
But, when the circumstances are right, a revocable trust is an excellent tool. Generally, I use revocable trusts when the settlor (the person creating the trust) has property in multiple states or has a high net wealth. In these situations, the trust has economic benefits because probate is avoided, an ancillary probate proceeding is avoided, and there can be tax savings compared to having all of your assets in your individual name.
Estate planning needs vary from person to person. What does not vary is your need to plan for the distribution of your estate when the inevitable occurs. Your family will appreciate you doing so, both because of the stress reduction they will encounter and the financial savings you will provide them. Let's assess your estate planning needs and figure out what is the best structure for you and your family.
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