When Do You Want a Living Trust as Your Primary Estate Planning Document?

The major factors that would cause you to decide to have as your primary estate planning document a living trust are:

       Desire for privacy about what you own;

       Desire to protect your family and prevent con-artists from harassing your surviving spouse or children because documents filed in the probate of a will, which include your assets, are public documents and can be accessed by anyone;

       Ease of handling out of state property;

       Ease of handling complex family situations due to multiple marriages;

       Concern about possible claims of incapacity; 

       Desire to prevent anyone from contesting your estate plans.

Generally speaking, when you are young and just starting to build your wealth, a will is sufficient.  But as you become older and have made a significant amount of money, you should be considering a revocable living trust.

                                                                             Thomas A. Leggette, J.D., Author:

                                                                             Consumer Contracts in Virginia

                                                                             Virginia Continuing Legal Education

This article is not provided for use or reliance by you or any third parties and does not purport to be exhaustive or to render legal advice for your particular situation or any other specific case. It is meant merely to assist you in sharpening the questions you might ask of your legal advisor in your particular case. Please give me a call should you have any questions. (See: Disclaimer)