Do I need a living trust?
Every case doesn’t require the use of a living trust. I like to use living trusts if there’s a reason to use them. For example let’s say you want to leave your property to your children, but you don’t want to leave it to them in a lump sum, you want to spread that distribution out over a period of time. You can only do that with a trust. Let’s suppose you have a special needs child, you have to have a trust for the child. Or a minor child, you can’t give property directly to a minor child. Those are situations where you really do need a trust.
A lot of things can be handled much more easily, for example, with beneficiary designations, a bank account, your retirement account, annuities, life insurance policies, commonly have beneficiaries. That’s much quicker or much simpler way of distributing those assets to those beneficiaries after your death.