Should you have a living trust?
A revocable living trust is a fairly complicated and expensive tool for avoiding probate. It can be appropriate is you own multiple pieces of property, property in different state or if you want your assets to remain in trust even after you pass away. For all others, there are easier ways to avoid probate like making your accounts POD or TOD.
Mercedes: Recently I've been thinking about trust. Now I don't know if there's different kind, if I should get a trust? That's my question.
Attorney Tom Olsen: Mercedes, the vast majority of the trust that you hear about out there are revocable living trust. They are a tool that people are using to avoid probate and by the way, a trust has nothing to do with protecting your assets from creditors. Any creditor that can get your money without a trust, can get your money with a living trust. They're all about avoiding probate. Now, we certainly can do trust for people, but generally we are advising people that they are simpler, less expensive tools available for everyone in probate. That's what we generally accounts people for.
Chrissy: Correct. In addition to that though, with a few simple questions that we ask by phone or in person or email we can together determine whether you would be a candidate or not.
Attorney Tom Olsen: Exactly. When we do our workshops on wills, trusts, and easy ways to avoid probate when you come into workshop usually you can figure out for yourself whether or not you need a trust or whether we can use simple tools. But if you're confused about Mercedes, just call us, talk to us for a few minutes on the phone. We'll be happy to give you a suggestion whether a trust be appropriate for you. You want to reach us at the office it is 40-423-561.
You can call us next week. Now, generally a living trust is appropriate for people who are always buying and selling property, who own multiple pieces of property, who want their wealth to stay in trust even after they pass away. For example they got spent with children or they got a whole multitude of beneficiaries like 20 nieces and nephews that they want to leave their wealth to. Those might be reasons for a living trust Mercedes, but otherwise generally we can use simpler tools to avoid probate than a living trust.