Estate planning isn’t just for the ultra-wealthy—it’s essential for anyone who wants to protect their assets and ensure their loved ones are taken care of. I recently spoke with Jenny McMenomy, a top estate planning attorney, about the most common (and costly) mistakes people make by not having a trust.
Without a trust, your estate could go through probate, a court process that can take months (or even years) and cost thousands in legal fees. This delays inheritance for your family and creates unnecessary stress.
Probate is a public process, meaning anyone can access details about your assets and beneficiaries. A trust keeps your estate private and protected from unwanted scrutiny.
If you have minor children and no trust, the court decides who will care for them. A trust allows you to designate a guardian and control how your assets are used for their future.
Without a trust, your assets are distributed according to state law—not necessarily the way you intended. A trust allows you to set conditions, such as staggered inheritance or protections against irresponsible spending.
A well-structured trust can help minimize estate taxes and protect wealth for future generations. Without one, your heirs may face unnecessary tax liabilities.
Without clear instructions, inheritance battles can arise, causing long-term family rifts. A trust provides clarity and prevents conflicts over your estate.
Creating a trust isn’t just about protecting your assets—it’s about ensuring your wishes are honored and your loved ones are cared for without unnecessary legal headaches. If you haven’t set up a trust yet, now is the time to take action. Please contact us today to learn more.
