Are Trusts Only for the Rich? Understanding Trust-Based Estate Planning

https://www.youtube.com/watch?v=3Cd4wSa6CFI

Are trusts only for the rich?

You've probably heard that trusts are only for people who are rich or for people who have achieved a certain number of dollars in their bank account. That's not true. Our approach is to let the client decide what is the best for them. During our legacy planning sessions, we will review the three levels of care, the Do Nothing plan, a will based plan and a trust based plan, after a client has been educated about how these are different and what are the pros and cons of each approach, then the client gets to decide what is the best fit for them.

Often, the question of whether to use a will based estate plan or a trust based estate plan comes down to the quality of experience you want for your loved ones. A will based plan will likely need to go through the probate court to be given effect. There are time and costs and delays associated with probate the trust based plan is going to be more efficient, more streamlined and more seamless for your loved ones.

Our role is to educate our clients and empower them to make the decision about what kind of plan fits them best, we go to great lengths to educate our clients about the differences between trust based plans and will based plans so they can decide Which one is the best fit with their family.