Wednesday, November 6, 2019

Everyone should have a revocable trust, or should they?

When is a Revocable Trust the Best Option?



ESTATE PLAN TO DO LIST

þ   Last Will and Testament
þ   Update beneficiary forms
þ   Durable Power of Attorney
þ   Health Care Surrogate Designation
þ   Living Will
?    Revocable Trust

After more than 29 years of listening to client's concerns, and then guiding them through the estate planning process, I've learned that no two clients are the same. A trust is a good option for some clients, but not for others.  Preparing a revocable trust and charging a high fee can be lucrative work for estate planners. With the increased use of technology, some individuals, or family members concerned about a loved one,  believe that do-it-yourself options save the expense of hiring a licensed, experienced attorney.  

Our firm believes in putting the client first.  Often, a client who believes they need a trust can benefit from other simpler, less expensive options. The linked article on our firm site explains some of the myths about revocable trusts.  In some cases, they can be the best option, but in other cases, probate is actually easier and less expensive.  Many factors should be considered.  In some circumstances, revocable trusts actually cause more problems than the solve. 



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