Quote:
Originally Posted by retiredguy123
You are explaining a situation where a trust is needed because the estate is complicated. But there are many situations where a trust is not needed, but the attorney wants to sell you a trust to make money. A trust is not needed in every case, but some attorneys will sell you a trust anyway. If you only have one heir, and simple assets, you do not need the hassle and cost of a trust. All I am saying is that you need to make an informed decision about when you need a trust and when you don't. It has nothing to do with the value of your assets. Don't blindly accept the advice of an attorney who is motivated to sell you a trust even if you don't need one. I have substantial assets, but I definitely do not need a trust, even though several attorneys have tried to sell one to me, just based on my assets.
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I was not saying the estate was simple or complicated
I was stating after the last spouse passes the Trust can protect your heirs from anyone or creditors getting any of the. Inheritance.
Whether you have one child or you have 10 children, it doesn’t matter if you pass away and the one child is receiving Medicare disability going through a divorce going through bankruptcy any of those situations you’re inheritance stays protected if it stays within the trust, if the inheritance is not within a trust, then the inheritance can become Part of any circumstance that the child’s going through again disability, divorce or bankruptcy.
The key is, how do you keep your inheritance once it’s being passed to your children or beneficiaries, creditor and predator proof that’s what a trust can do a simple will or just naming your child as your beneficiary does not give you that same protection
Again, I’m not talking about a complicated situation. It could be one child and the child could be going through something and lose part of an inheritance if it’s not set up correctly to pass to him.