People often call us looking for a trust. Many times people think they need a trust because a friend told them they need a trust, or because they read it in a magazine. There is simply no one right answer to this question. Some people can benefit from trusts while others do not need to go through the expense and complication of a trust to protect their assets.
Trusts are generally good for people who have minor children or others who will be dependent on them for future financial support. Trusts can also be good for people with real estate or business assets which would be protected if they could be transferred without going through probate. An average homeowner with no minor children and very few assets may not benefit from establishing a trust. On the other hand, a family with minor children and almost no assets, but significant life insurance proceeds if one of the parent’s should pass away while the children are young should consider a trust to purchase and hold the life insurance. Each family’s needs are different and each situation should be carefully analyzed in the estate planning process.
Getting Legal Help
Experienced Estate Planning Attorney Elga Goodman can help you better understand all your options and then help you decide what is right for your individual family’s needs. Call us today at 561.935.9763 and toll free 855.873.7268 to learn more.
Posted in: Estate Planning, New York Estate Planning