If you have been reading our blog, then you know that you need a Will not matter how much money you have. Rich or poor, it is better for your estate to have a Will. Do you need other estate planning documents if you do not have a lot of money? Some people assume that if they do not have a lot of wealth that they can not take advantage of more advanced estate planning tools. That assumption is false.
A Revocable Living Trust can be used by anyone. You do not need to have a fortune to fund a Trust. In fact, Trusts are even more beneficial for those people less well off than for the fabulously wealthy. An extremely large estate might be able to absorb Probate costs and estate taxes. However, smaller estates have a more difficult time doing so. Probate and taxes take a large portion of the estate and often make what the deceased wanted to have done with his or her assets impractical or impossible.
However much money you have, you can benefit from talking to an estate planning attorney about a Revocable Living Trust. It might not be the best instrument for your situation, but the attorney can tell you that and give you other options.
Stephen A. Mendel, Estate Planning Attorney
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