Why would I need a trust?

Trusts can do many things.  A trust can let you make a gift over time to beneficiaries or help to manage assets that you may own in different states.  Trusts are not public records.  If your assets are held in trust it can create privacy that you do not have with a will.  A will gets lodged with the court after a person’s death and the administration of which is approved by the probate court or registrar.  Like a will, a trust needs to be administered after a person’s death however this is a process that is not supervised, guided or approved by the court.  Trusts cost more to create and take more effort to manage appropriately.  If a trust is not managed appropriately, it can do more harm than good and create unnecessary expense when the time comes to administer the trust.  If all assets are not owned by the trust, there may be a need to file a probate case to administer the assets owned outside the trust as well as the time it will take to administer the trust.  Some advisors think that everyone needs a trust and they encourage people to purchase expensive trust packages that are often more than what a person needs.  If you need a trust and you are able to manage it appropriately, then it might be the estate plan to best fit your needs.  At Werth Law, we do not come in to the client meeting with the assumption that a trust is the proper plan.  Most people that come in with the belief a trust is the most appropriate plan.  In fact, most clients end up deciding that a will-based estate plan is more than enough to fit their need