The Elder Law Minute TM — Do I Need a Living Trust?
We often discover how we can assist a client during an extensive consultation in which we glean a great deal of pertinent information about the individual’s family, health and financial portrait.
Clients are always given ample time to ask questions during these consultations. One of the most commonly asked queries is whether a client needs a trust. Often, the client will come in and ask for a trust without really knowing what a trust is or the reasons behind it. The following information should be helpful in determining whether a trust is in fact appropriate for one’s estate plan.
When a person dies (“decedent”), anything owned by him and in his name is referred to as his estate. People are able to designate who should receive their assets when they die by signing a Last Will and Testament. The will essentially enumerates who should be the recipients of the individual’s assets when he dies.