Ask Yourself These Questions

Do I want to choose what happens if I become disabled? Or, is it alright for someone else to decide, someone I might not even know?

• Do I want to choose what happens to my estate and how my spouse and children are taken care of at my death? Or, again, is it alright for someone else to make those decisions for me?
• Do I want to minimize the taxes my family pays at my death, or simply let the government decide how much it will take?
• Do I want to protect my estate after my death for the benefit of my spouse, my children or grandchildren? Or do I prefer that my estate be accessible to strangers in the event of a child’s divorce, bankruptcy or lawsuit?
• Do I want to minimize or eliminate the time delay, cost and publicity of a probate at my death? Or do I prefer to do nothing during my lifetime and let my family, the attorney and the probate court figure it all out after my death?

The real issue between planning and no planning, a trust or no trust, is whether you want to exercise your freedom to choose how these issues are handled and who handles them, or whether you are comfortable letting a third party, someone who doesn't know you or your family, make these decisions for you.

If you make the choice, you and your spouse can double the amount of your assets that will pass tax free to the benefit of your children or grandchildren. The government will not make the same choice for you. If you choose, you can eliminate the risk associated with assets held in joint tenancy. You can choose what will happen to your assets if you become disabled and who will make those decisions. The court would not make the same decisions for you.

If you want to take control and make these choices, a revocable living trust is the estate planning tool that will preserve these choices for you.