Estate Planning: Revocable Living Trusts vs. Wills - Part Three

How big should my Estate be before I worry about probate?

This is the trick question that plagues so many lay-people and professionals. I have seen some less experienced professionals try and create guidelines based solely on the value of the estate, and like much of the world we live in, the decision is just not so black and white.

Some better questions are as follows:

  1. Is it important to pay more now to avoid the time and probate specific costs that could otherwise be avoided with a Living Trust, assuming that these costs will be substantially more than the cost of the trust work?
  1. Is privacy and/or the avoidance of conflict important to you?
  1. Do you have a blended family (e.g. children from a previous relationship)
  1. Do you have the kinds of assets that can go in a trust?

If the answer to 4) and any of the other questions is yes, then it may make sense to explore the option of a Living Trust further. If you are not sure about the answer to any of these questions, or need further clarification, then you should go over this further with the Estate Planning attorney.

If you or anyone you know has any other questions regarding Living Trusts or Wills, please don’t hesitate to reach out to us. We are happy to be a resource to you. We can be reached at (203) 651-5521. If you want to learn more about the Firm before contacting us, visit our website by clicking here.