Politics & Philosophy by Dr. Martin D. Hash, Esq.
A Trust is a relatively simple document that says who gets your stuff when you die, similar to a Will without State involvement. Trusts exist in the vague legal world that most people think only The Rich enjoy but Middle Class people who own a house, a few investments, and some savings can get a lot of benefit too. Anybody with an estate more than $60K should have a Trust; that way you escape probate, which means no attorney fees, court appearances or waiting periods. Plus, Trusts hide who gets what from public scrutiny. Yes, most people have to hire an attorney to create and maintain their Trust but that cost will almost always be less than using a Will.
Of note: instead of the State managing a Will, you say who will manage your Trust, called a Trustee. Trustees make sure whatever it says in the Trust happens. Often the attorney who writes your Trust is th e Trustee but that costs money, which is why people often select a family member to be Trustee, and as long as they don't abuse their power or cause inner-family resentment, that's what most people do. The one complexity with Trusts is that title to your house, investments, retirement funds, etc. must be transferred to the Trust so that the items can be easily given to heirs. This involves little more than phone calls and paper shuffling but it can be intimidating to someone who's never done it before, which is why so many people still use Wills even with all the downsides.
Categories | PRay TeLL, Dr. Hash
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