Is a Living Trust a Good Decision For Me?
One of the most common questions we receive is whether or not a person should choose to use a living trust in his or her estate plan. To determine if a living trust is right for you, consider the following factors:
- Your age. For most people under the age of 60 who are in decent health and making a decent income, a living trust will not make a whole lot of sense. Living trusts don’t do anything for you during life, so there’s typically no need for healthy, middle-aged people to worry about probate costs. Younger, healthier people will likely opt for wills, which are much easier to set up and live with and will do a great job of distributing property to your loved ones should you die without warning.
- Your wealth. In some cases, your wealth might trump your age when it comes to deciding whether or not to start a living trust. The more money you have, the more likely it is that a living trust will be beneficial to you. The type of assets that you own is also an important factor. If you own a small business or some significant assets that you don’t want to have to go through the probate process, you could consider creating a living trust even at a younger age.
- Your marital status. Married people have less reason to choose a living trust, as they generally plan to leave most of their property to each other after their passing and have less reason to worry about probate.
For more information about whether you should choose a living trust, we encourage you to speak with a trusted estate planning attorney with the law office of Philip A. Baumann, P.A. in Florida.