Trust or No Trust

One of the questions I often get is should I put my belongs into a trust or leave it to people in a will?  Well, the answer is it depends.

Trusts can be very useful if you want to put conditions on who can have items, and if you want people to meet certain conditions before they can get those items (or money).  Trusts have the benefit of being private so the general public cannot see what you are leaving friends, family, and charitable organizations.  Additionally, there are some tax benefits depending on how the trust is set up that could play a factor in this decision.  It is best to talk to a lawyer who can make you aware of all the tax implications and help you determine if a trust is right for you.

Leaving items in a will, can be just as beneficial.  You can still put conditions on what people must do before they can inherit items or money, but the general public would be able to see it if they wanted to.  If you are leaving everything equally to your children this might be easy for you to do.  However, there are tax implications depending on how things are written and how much is left to people or organizations.  It is best to talk to a lawyer who can make you aware of the laws regarding wills for your state to help you write a will.

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