Few people need a trust created during their lifetime, but a lot of people want one. I think those companies that used to book the Holiday Inn and buy people dinner in order to sell them trusts had something to do with it. (I was contacted by one of those companies asking if I’d prepare fill-in-the-blank trusts for them so I know they’re still around).

In my humble opinion, if you can’t state the reason for wanting to set up a trust in a sentence, you have to question why you want one. Here are some examples I came up with off the top of my head:

  • I have a family business and I need to plan for succession;
  • I want to provide for a child with long-term instability (financial, alcohol, or drug related);
  • I don’t want a family farm to be sold and divided;
  • I don’t want a family cottage to be sold and divided;
  • I want to avoid estate taxes (few people have this problem);
  • I want to shield my assets from potential creditors (there are new rules which took effect March 8, 2017); or
  • I want to provide for a child with a disability or special needs.

There are other good reasons to be sure. If you have questions about whether a trust is for you, or your estate plan in general, call me at (517) 796-3907 and we’ll set up a time to talk.