An Estate Plan Doesn’t Always Include A Trust – McNamara Law Firm

Many people ask me if they need a Trust. My answer: it depends on your circumstances. When determining whether a trust is needed, I ask about assets (is there real estate and how is it titled?), who will inherit and how do they manage money, do family members get along, and many other questions.
If a trust is not needed (and it is a case by case basis), it is critical to review and confirm all beneficiary designations on all the assets. This includes IRA’s, bank accounts, life insurance, savings bonds, annuities, and other assets. Even if a trust is not required to avoid probate and manage assets if you are incapacitated, sometimes people prefer trusts because of the benefits they provide. Having all the information is important, so it is a very good idea to get professional guidance.
Even if a trust is not needed, I firmly believe that everyone over the age of 18 needs a good, robust, attorney drafted Durable Power of Attorney in the event of incapacity, a state specific Advance Healthcare Directive, and a HIPAA release. Without these legal documents in place, expensive and intrusive court intervention may be required if you are unable to manage your affairs due to illness, age, stroke, accident, etc.
It’s easy to determine what is best in your situation. Our office offers complimentary estate plan consultations with no obligation. Together, we talk confidentially and determine what is best for your situation. Each person’s situation, wishes, and preferences are unique to them, and an estate plan is the perfect way to ensure your affairs are handled properly and as efficiently as possible.
To schedule a complimentary consultation, please call the McNamara Law Firm at (661) 287-3260, or visit www.theMcNamaraLawFirm.com.