WHAT KIND OF ESTATE PLAN IS RIGHT FOR ME?
In most cases for persons of moderate means, a REVOCABLE LIVING TRUST is the appropriate estate planning tool for avoiding probate. In most cases, Living Trusts are a vital foundation to provide maximum asset preservation. Some examples of situations in which a Revocable Living Trust are advised are the following:
• Married or single individuals with minor children.
• Families caring for a special needs individual or an aging loved one
• Anyone owning real estate.
• Anyone with a gross estate above their state probate threshold.
• Anyone who desires that assets be held, managed and used for the benefit of a beneficiary, and not distributed immediately (i.e., beneficiary receive funds at a certain age other than 18, future disbursement for educational expenses, etc.)
• Anyone in a second marriage that wants to allocate certain funds or assets for their children from a previous marriage.
• Any owner of a small business.
In situations where a Revocable Living Trust is advised, the trust will fulfill a vital role throughout your life, in any time of disability, at death, and after death for your loved ones. The trust documents will be accompanied by a will and other supporting documents in order to accomplish its intended effect.
In cases where a Revocable Living Trust is not advised, a simple estate plan is still important and would usually include the following:
• A simple Last Will and Testament (including provisions for the care of minor children, if necessary).
• Power of Attorney for Finances (asset management and personal affairs).
• Power of Attorney for Health Care.
