What kind of living trust do you have?

This is a topic that has surfaced before, but it's happening more often these days because estate tax laws have changed dramatically.  So here is the issue: Married couples call and tell me they "already have a living trust."  Then I ask, "What kind of trust do you have?" They say, "What do you mean?  Kind of trust? It's a LIVING trust!"  

​Couples are often surprised to learn there are several kinds of living trusts.  They are all indeed "living trusts," but there are different "kinds" of living trusts.  Like jelly beans, there are different "flavors" of living trusts.

I explain to clients that it's like walking onto a Toyota dealership lot.   You don't just say, "Hey Mr. Dealer, give me a Toyota!"  He's going to inquire what kind of Toyota you'd like, what suits your family, your specific concerns/needs, etc.  Perhaps a simple Corolla would be good, maybe a Camry, or perhaps a Prius or a Sienna?  

The problem is that many clients have no idea what kind of living trust they have.  In many cases, in reviewing it, we find it's not the kind of trust they want. Why do they have a trust they don't want? Either the attorney who prepared the original trust simply gave them whatever "Toyota" he had on the lot (whatever standard living trust he/she used) or the attorney didn't ask the right questions of the clients so he/she can better recommend one type of living trust over another.  In short, I have found that over 90% of the time, most couples who already have a living trust have no idea what kind of trust it is or what in the world the trust actually says.

If you're not sure what kind of living trust you have, or what the specific provisions of your trust actually say, or if it's simply been a very long time since you had your estate plan (including your trust) reviewed, call us today and make an appointment for an estate plan review.  We want our clients to not only "have" an estate plan, but more importantly, to actually understand it!  Wouldn't that be nice?

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