Should I Set Up a Trust?
|

Should I Set Up a Trust?

The answer to the question “should I set up a trust instead of a Will?” often arises when people contact me for estate planning purposes. My answer to that question is one often uttered and not often deemed helpful by the recipient, and that answer is “it depends.”  When people think of a trust, they generally think, “I don’t want to avoid probate and that whole process for my loved ones.” What many people do not realize is that there are, in certain cases, probate alternatives. (See my blog “How Do I Avoid Probate?”). The purpose of this article, however, is to walk through the decision making and pros and cons involved in choosing a Will-based estate plan or a Trust-based estate plan. Starting with…