When to use a revocable living trust

When to use a revocable living trust.

Caller: Trying to make a distinction between using a trust or having a trust versus a Lady Bird deed. Do you have examples when one or the other would be better? In what circumstances?

Attorney Tom Olsen: First, we consider a trust to be a complicated and expensive tool for avoiding probate. Most of our clients can use simple tools. They don't need to use a living trust to avoid probate. When would we use a living trust? We would use it if you had minor children, if you had young kids, 6, 7, 8, 10, 15 years old, we'd be using a living trust. If you're older and you want to include your grandchildren as part of your estate plan, you'd be using a living trust. If you have a spendthrift child, that if you left him or her their share outright, they blow right through it, you want it doled out over a number of years. You'd be using a living trust. If you have a special needs child that’s on Medicaid and governmental benefits, you'd be using a living trust. Chrissy, have I covered them all, or is there any other that you can think of?

Attorney Chris Merrill: Out-of-state property.

Attorney Tom Olsen: If you've got property in other states, that would be a reason to use a living trust.