Do I Need A Trust To Avoid Probate?

The answer is No.
With regards to transferring assets upon death, there are 4 ways to transfer assets.

Estate Administration
1. Joint Ownership
2. Beneficiary Designations
3. Trust
4. Probate

Do we need a Trust to avoid probate? The answer is no.
But depending on the situation, we might want a Trust.
One of the reasons why we might want a Trust is Asset Protection. Protection from creditors and long-term care cost. Another reason we might want a Trust is to protect the kids or beneficiaries. Another reason is to help keep things organized, everything is on one spot.
Some reasons why you may not want a Trust? It's a little more costly to set up, a little more complicated.
But really at the end of the day, it's all about figuring what your goals are and developing the best strategy. It is not tied to the size of your assets or estate. If you want to organize things, if you want to protect your assets, if you want to make sure what you leave to the next generation is protected, probably you want a Trust. If you're looking at what's the least amount of investment, what's the simplest thing to do? Maybe you don't want a Trust.

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Attorney and Financial Advisor Chris Berry of Castle Wealth Group answer questions on retirement and estate planning every Wednesday at 1pm. Register here [ Ссылка ] or give our office a call at 844-885-4200.

Castle Wealth Group and Christopher Berry help families with estate planning, elder law, retirement planning, and tax planning from their offices in Brighton, Ann Arbor, Livonia, Bloomfield Hills, and Novi.

Castle Wealth Group helps families with their legal, financial, and tax planning for their retirement and legacy.

With the use of legal structures like revocable living trusts, Castle Trusts (asset protection trusts), Chris Berry and Castle Wealth Group can help your family plan, protect, and preserve what is important through their Retirement and Legacy Blueprint Process.

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