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  • Writer's pictureRuthPGeorge

Trusting the trust plan

Planning with trusts can mean control and for good reasons.

Take the following examples:

Person #1 died with a Will with a Trust to benefit second wife and upon her death, the trust balance will pass to his two children from different marriages (and other provisions). Second wife receives benefits from this trust during her life, and upon her passing, decedent's two children from different marriages will benefit equally.

Person #2 died with a Will with the estate passing entirely to his girlfriend without a trust. Girlfriend passed away only three years later without a Will causing her entire estate to pass to her parents. Legal maneuvers ensued with the ultimate result being less than the decedent would have desired.

Person #1 was David Bowie who died too soon at age 69.

Person #2 was Jim Morrison who died too soon at age 27.

Trusts can be in your Will for good reasons. It's important to have the honest discussions with your attorney when making your estate plans.

#trust #trusts #trustplanning #trustadministration

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