You may be asking why do you need a trust? Estate planning and probate attorney Kyle Robbins breaks down why a trust goes hand in hand with your will and why it is something you should not overlook when planning for the future.
Hey, everyone, Kyle Robbins here with The Law Offices of Kyle Robbins So why would you need a trust?
And the short answer is you need a trust to determine who would get your assets in the event you were to pass away, and the trust’s purpose is just to make it easier on your family. It is a tool of convenience, and that is really it.
What can you do with a trust?
There’s a few other things we can do with them, such as decide when your family gets it, if we have young children. We can also give marital protection to your children in the event they divorced. We can give asset protection to your children in the event they ever had to file for bankruptcy, but the vast majority of the families who decide they want a trust do it to make it easier, more convenient, and quicker to get through the process when they pass away, and then also to provide those protections to their children down the road over the course of their lifetime when they inherit the assets.