Does Everybody Need a Living Trust?

Not necessarily.  While having some form of an estate plan (such as a will and an advanced health care directive) is a good idea for almost all people, a living trust may not be a necessary component of some peoples’ estate plans.

Younger married couple who do not have children or significant assets would more than likely leave assets to one another, and as such would not really benefit from having a living trust.

Persons who have few assets or simple estate plans would also not need a living trust.

Finally, if the person in question requires court supervision in regards the administration of their estate, they will not benefit from a living trust. If you have valuable assets, particularly real estate, the more benefit you will get from a living trust. It is especially important to have a trust in place in case sudden illness or accidents occur.

Hassell and Hyatt offers free consultations to assist in determining your estate planning needs.  This consultation can help in figuring what may, or may not, be needed for your specific situation.