RNH Law Blog

Do I Need A Trust If I Have A Modest Estate?

Do I need a trust if I have a modest estate? Well, that depends on the individual person.

So if you have a modest estate, again, let’s say something under $4 million here in Illinois, you’re not going to have to worry about estate taxes. But one of the questions that I would ask is, do you have any children? Are they your beneficiaries? If your children are your beneficiaries, I have a couple more questions. Number one, do you love them? Well, obviously they’re your family. You love them, but more importantly, do you like them? Most people would say yes to this, and I’ve had a few that have said no, because they just don’t get along with their kids. But the reason I ask the question, do you like them, is if you like them enough to help them avoid probate, then yes, you absolutely need a trust. Without that trust, your kids are going to be forced to go through the probate process. Again, timely, expensive, and then you’re having to deal with lawyers on a regular basis to wind up the estate for mom or dad. In a situation like that, having the trust in place avoids the probate hassle, avoids putting your children and your family through that process. With the revocable living trust, your trustee simply distributes your estate, potentially with the help of an attorney.

If you have any more questions about living trusts, trusts in general, or just need an estate plan set up, make sure to call me today. Thank you.