Trusts and Real Estate, Part 3 of 4: The Family Living Trust

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The family trust is to most common type of trust used in the United States. Most people have at least heard of this kind of trust and many have created one. The first thing I want to say is that EVERYONE needs a family trust! Whether you’re single or married, with or without children, or have small or large estate, you need a family trust.

The family trust is the core of your overall family protection plan because it is designed to own, control and allocate your assets after you die. Without a trust, your estate will end up in probate even if you have a will. Probate is an expensive, public court process. It typically costs more than a family trust. Your estate and property become public information. And the court will end up dictating who receives your assets.

Most family trusts come in an estate plan package of documents. You’ll get a “pour-over will” that works in coordination with the trust, powers-of-attorney and the health care directive. This last document is also called the “living” will that provides end-of-life instructions to family and doctors in the event you’re on life support. These documents are designed to function in different circumstances and at different times to help control your assets.

The family trust is not an asset protection vehicle. It’s an asset “allocation” vehicle. But it should work with your asset protection LLCs and other tools. A typical estate planning attorney will only focus on the estate planning side and you may lose your protection! Only an asset protection attorney will structure these different vehicles correctly. If you need more information on family trust, please give our office a call.

Jeffrey S. Breglio, Esq.
Breglio Law Office and REI Mastery U
www.reimasteryu.com
jeff@bregliolaw.com
(801) 560-2180



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