Answering living trust questions in a blog is difficult in so many ways.
One difficulty involves disagreements among lawyers on the concept of “need”. (Huh? Lawyers can disagree with each other… who knew?) Lawyers disagree on how many people need living trusts and for what purposes.
The war and horror stories you may hear originating from California and New York, likely to do not apply to Idaho and many other states. One reason for this inapplicability (WOW, a seven-syllable word!) is because most states have adopted the Uniform Probate Code.
The Uniform Probate Code (in the majority of cases; not all) makes the probate process more simple that states such as California. Thus, the “need” for a living trust can be less frequent.
OKAY, Hated Lawyer, so… do I need a living trust or not?
If you have followed this now 3-year-old blog series, you may realize that I am a believer in legal education. Living Trusts are a tailored administration tool to understand before you should even consider one. It is worth the while to consult with your lawyer on how, when and why a living trust may apply to your needs, desires, particular personality traits, and personalized estate plan. This understanding will save you money and time over listening to your friend’s advice, your cousin’s, uncle’s, or sister’s war story that likely does not apply to you. Living trusts are not just a fill in the blank legal form.
Please take the time and effort to understand how a living trust may apply to your life and estate plan by consulting your…. Hated Lawyer!