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 VirginiaVirginia Continuing Legal Education
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