Does Everyone Need a Trust?

Recently, I received in the mail an invitation to “another” Trust Seminar. I seem to receive one of these invitations every week. However, the latest one caught my eye and I was not too happy to see the quote “Everyone Needs a Trust.” Does everyone need a Trust? The correct answer is no.

The first question I ask my clients who think they may need a Trust is “Why do you think you need a Trust?” After I hear their answer, this then leads into a meaningful dialogue of what my clients want to achieve and whether or not a Trust is needed for their estate plan.

Trusts are an important estate planning documents and I can say that everyone does not need a Trust. You need to have this discussion with an attorney who concentrates in the estate planning area. I would caution you to be careful of any attorney that tells you that everyone needs a Trust. There are many kinds of Trusts available for estate planning and one size does not fit all cases.

I strongly recommend that you don’t follow the ads and the hype to set up a Trust. Talk with your attorney and decide together if you need a Trust and what kind of Trust you may need. You may find out that all you need is a well drafted Will instead of a Trust.

Atty. John J. Urban