I tell some prospective clients that come in to see me for an estate planning consultation, that they actually do not absolutely need a living trust. That does not mean that these individuals need not do any planning at all. What it does mean is that their estate planning goals and concerns can be addressed in other ways which happen to be simpler and less costly than living trust planning.
Let me give you an example. Recently, Mary Jones came in to see me. Mary is a 67 year-old divorcee. Her three children are all independent adults. She rents an apartment and does not own any real property. All her assets combined amount to $400,000. About half of her assets are in brokerage accounts and the other half are in bank accounts. All of her brokerage and bank accounts have beneficiary designations associated with them. In her case, it is not essential that she have a living trust prepared. Most of her estate planning needs can be met through the creation of ancillary estate planning documents such as a Durable Power of Attorney for Finances, an Advanced Healthcare Directive, and other documents of similar import. By having the right documents in place she can ensure that the right people will have authority to make healthcare and financial decisions for her if she is no longer able to do so for herself. And by properly designating her adult children as equal beneficiaries on her accounts, her children should receive their inheritances outright without court interference.
A qualified estate planning attorney can assess your situation, assets, concerns and needs and determine whether or not you need a living trust. There are many factors that need to be taken into account including but not limited to the following: whether you own real property, whether you have minor children, whether you have special needs children (regardless of their age), whether you have a blended family, whether you anticipate a contest or feuding amongst beneficiaries, the size of your estate, and more.
Please feel free to contact my office at 661-362-0770 to set up a complimentary consultation to determine your specific needs.