As we’ve often discussed here on the blog, having a well-designed estate plan – no matter the value of your property and assets – is a gift to your family and/or friends who will handle your affairs once you’re no longer living. And there are a lot of things to consider when working through the planning process.
From creating your will to ensuring that someone you trust is designated to make decisions for you via power of attorney should you become seriously ill or incapacitated, there is much to know and understand – especially if minimizing complications for your loved ones is your priority.
One component of estate planning that may fall under creating more complications for executors and heirs is the living trust. While these asset-protective arrangements have great value in some specific circumstances, unfortunately, living trusts are often sold to people who do not actually need them, and the truth is that they don’t tend to make sense for the average individual or estate plan.Continue reading “Why Living Trusts Do Not Make Sense for Most People”