Who Needs a Trust? And Who Doesn’t?

by | Mar 26, 2019 | Uncategorized | 0 comments

The decision of whether or not to set up a Family Trust is usually driven by the issue of probate. If you want to avoid having your heirs go through probate when you pass away, then the trust is the best option available for that task.

But if you don’t care whether they are required to go through probate, then a Simple Will is less expensive.

Also, some people have a small enough estate that probate will not be legally required. Specifically, if a person does not own any real estate and the total value of his or her other possessions and accounts is less than $100,000, then probate will not be legally required.

But for those who either own an interest in real estate (regardless of its value) or who have other possessions and accounts with a total value in excess of $100,000, the estate of that person will normally be required to go through probate unless a Family Trust is created before he or she passes away.

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Daniel Patchin

Benjamin Monaghan, Attorney

Benjamin Monaghan