Do you just need a will, or should you have a trust, too? Estate planning attorney Bill Henry discusses when you may want to include a trust into your estate plan.
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Bill Henry here with Robinson Henry. I want to talk to you today about a common question I get, which is when do I know if I need a will or a trust?
Do I Need a Will or a Trust?
It’s a great question. I’m not surprised that people ask it because there’s no one right answer, so it’s really hard to give you a
straight answer to that, but let me try.
If we need a trust, it’s all about our goals. What are our goals because often times when we want to use a trust because that’s really the only option to accomplish what we’re trying to achieve.
- Medicaid planning is a great goal where we want want to use a trust asset protection.
- Protect minor children from getting all the money at the one time. That’s a great reason for a trust.
- Probate avoidance and privacy. These are all great reasons for a trust.
A Will Plus a Trust
We’re always going to have a will, as well. So it’s not that whether I’m choosing a will or a trust. It’s whether or not I have a will and a trust.