Should everyone have a Revocable Living Trust instead of a Will?
Pyke & Associates does not recommend that all of our clients have Revocable Living Trusts. For many, estate planning using a Last Will and Testament and Powers of Attorney is very effective. A Living Trust can be more expensive to create and it can have other hassles and expenses, so we recommend a Living Trust when it has a substantial benefit to a client.
Who are ideal candidates for a Living Trust?
A Revocable Living Trust can have a substantial benefit to persons who:
- Have real property in multiple states
- Have property like mineral interests that are difficult to transfer and want to avoid multiple transfers through multiple probates
- Have legacy property such as farms, ranches, or vacation homes that they intend to pass through multiple generations without being sold.
- They lack an ideal candidate to be an executor and need to transfer to professional management of a Trust company (a professional Trustee is not required for a living Trust)
- They have concern that in case of their own incapacity or death, that family discord is a high probability
Contact Dallas Estate Planning and Probate Attorneys, Pyke and Associates, P.C., today to learn more about how we can help with your specific needs.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, specific tax, legal or accounting advice. We can only give specific advice upon consulting directly with you and reviewing your exact situation.
