Do I Need a Living Trust?
A Living Trust is an entity that you transfer your assets to while you are alive, and the Trustee that you name in the trust document will manage your trust. Upon your death, the Trustee will distribute your trust assets in accordance with the provisions you set forth in your trust document.
You should talk to your lawyer about whether a Living Trust would be beneficial for you and discuss the costs of doing one, as this will depend on the complexity of your estate.
Many times a Living Trust is marketed to senior citizens by high-pressured sales pitches that cause people to fear that their assets will all go to the state, or will be “eaten up” by high death taxes and attorney fees. It is prudent to talk to your lawyer about whether a Living Trust makes sense for you and talk about your concerns regarding death taxes, attorney fees, etc., before you fall prey to a marketing scheme that may not truly meet your needs.
