Who Needs a Family Trust?
Easily the most common question that we are asked is: Who needs a Family Trust and who can get by with a Simple Will?
The Answer: Any person (1) who does not own any real estate and (2) who owns assets with a total value of less than $100,000 is a good candidate for the use of a Simple Will. Others should seriously consider setting up a Family Trust instead.
The reason for this dividing line is simple: The property and possessions of a person who owns no real estate and who owns total other assets with a value under $100,000 does not have to go through the probate process when that person passes away.
On the other hand, the family and heirs of a person who does own any real estate or whose property and possessions have a value in excess of $100,000 is looking at a probate requirement when that person passes away. And for all those in that situation, a Family Trust is an excellent and surprisingly affordable solution to that quandary.
The family and heirs of those who take the time to set up a Family Trust will be spared the wasted time and the cost of having to go through probate. Instead, everything can usually be administered and distributed in just a few weeks with no attorney or court involvement at all.