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Should I Have a Revocable Trust?
Should I have a revocable trust? Well, many people contact me and ask about having a revocable trust prepared, and I always ask them, “Why do you want a trust?” And the usual answer is, “Well, we wish to avoid probate.” If you have a functional family wherein you’re still on your first marriage and you want your inheritance to simply go to your children, then I don’t usually recommend a revocable trust for the purposes of avoiding probate, since if you hold property as husband and wife then you avoid probate when the first person passes away. If you’re by yourself, however, then you may want to consider drafting a revocable trust.
There are also other circumstances such as second marriages or if you have a child that has special needs that you need to set up a trust for. Also, if you have a child that has a spending problem, cannot manage money, we can set up a trust to protect whatever inheritance you leave behind. Also, something that we’re seeing more and more is grandparents want to provide for their grandchildren. Possibly their children already have enough money or they want to take care of their grandchildren, since they don’t know whether their children will be able to take care of the education of their grandchildren. So there are any number of reasons to set up a revocable trust.
Whether you need a trust or not, or whether you should set one up depends upon your circumstances. So if you’d like to come in and talk about setting up a revocable trust, give me a call at 727-847-2288. Thank you.