Winsor Law Group Blog

I Love my family and that is the main reason I have a Living Trust because I know my family’s needs are planned for if I were to pass away.

Far too many families who need one do not have a living trust. We live in a fantastic time, in the greatest country in the world, and under a system of government that provides the most freedom to its citizens in the entire world. U.S. Citizens have strong, fundamental property rights such that the government, even after death, cannot deprive a citizen of their property without due process of law. The government system that deals with the property rights of deceased persons is called probate and the probate process is as old our property rights; however, far too many estates rely exclusively on that archaic system. The law allows for better, more efficient means of dealing with the succession of our property rights.

I prefer living trusts for many reasons, but primarily because it gives me the most control after death over what is done with my property which will provide for my family after I am gone. No one understands my family’s needs better than me, and whomever I select to fulfill the important task of standing in my place and deal with my final affairs should not need ask the government for permission to do anything. I want a system that avoids government involvement as much as possible; the answer to that problem is a properly funded living trust.

Are there simpler planning methods than trusts? Yes, but if I am dead I know that my family’s needs will be anything but simple. My estate administrator needs more control than those methods provide. The answer to that problem is a properly drafted living trust.

Are there cheaper planning methods than trusts? Yes, but the additional expense paid in advance is peanuts compared to the cost of fixing mistakes, dealing with oversights, or other unique problems that occur in nearly every estate administration when there is no trust or when the trust does not fit the needs of the estate. I want the most efficient plan that provides the most flexibility. The answers to those problems are a properly drafted and funded living trust created with the assistance of a trusted professional who is familiar with your needs and circumstances, preferably who is present at each phase of the process.

I have a living trust that deals with each of those problems in ways that my wife and I want them to be dealt with, and for that I am grateful. Similarly, my father had each of those things when I was asked to administer his estate, and for that I was grateful. I am grateful that it is more likely that my children will have an easier time remembering who I was as a person because I have an estate plan in place; rather than the additional stress and expense that would come if I had no plan at all.

-Matthew K Palfreyman, Esq.

*The information provided in this article is of a general nature and reflects only the opinion of the author at the time it was drafted. It is not intended as definitive legal advice, does not create an attorney-client relationship, and you should not act upon it without seeking independent legal counsel.