LIVING TRUSTS
by: Begley Law Group
When most people think of a Will, they think of leaving everything to their spouse, if there is one, and then to their children. Most people do not think of a Living Trust. Generally, after careful consideration, people establish a Will pouring over into a Living Trust.
The advantage of a Living Trust is that there is no probate. Therefore, the cost of administration is cheaper. In addition, because the Living Trust is not probated, the contents of the trust remain private. A number of special considerations should be addressed. These include the following:
- Grandchildren
- Gifts or loans to children
- Tax considerations
- Bloodline trusts
- Blended families
- Disabled children or other family members
- Family member problems
- Whether the person making the Will or Living Trust is a beneficiary of a Trust
- Whether all children are to be treated equally or not
- Whether there are payable on death (POD) or transfer on death (TOD) accounts
- Out-of-state real estate
- Business ownership
- Gifts to charities
- Adopted children, stepchildren, or children born out of wedlock
- Adequate insurance
- Protecting the home
- Whether the person making the Will or Living Trust works with a financial advisor