The term “Living Trust” has become a buzz word for people looking at estate planning information online or in other resources. Some of those sources of information simply may be a marketing tool to drum up business, without analyzing whether the expense involved in setting up a living trust is really justified for the individual.
Years ago, traveling seminars would roll into town, serving steak dinners, and selling estate planning packages with living trusts for everyone, at a cost of several thousand dollars. Many of those people had absolutely no reason to have a living trust to deal with their simple estates.
My advice is that if you are thinking about a living trust for your estate planning, set up an appointment with a qualified estate planning attorney to fully discuss why you may or may not need one.
Below are some of the reasons a living trust might be a good tool for your estate planning: