Estate Planning with Trusts
Attorney Justin Randall appeared on Channel 5, WFRV to discuss Estate Planning with Trusts.
Lisa Malak: You've heard us say it before in these segments with Hooper Law Office. Wills versus trusts. But what is a trust?
Millaine Wells: Attorney, Justin Randall is joining us with a look at the difference. Good morning, Justin.
Justin Randall: Good morning.
Millaine Wells: So what is a trust?
Justin Randall: So, from kind of the 1000 foot view, a trust is really a legal agreement or arrangement that one person or entity has with another to essentially hold and manage property. It can require a document, sometimes sort of setting out the rules, but it doesn't always.
Lisa Malak: So, do I need a trust?
Justin Randall: That question is complicated. And it depends a lot on somebody's particular situation and what their goals really are, especially in estate planning. So, what we always recommend is, if that's a question that someone has, that they try to set up a meeting with somebody who only practices in the area of estate planning in order to answer that question for themselves.
Millaine Wells: So how does a trust work?
Justin Randall: So, as I mentioned a little bit earlier, the trust really are a vehicle that people use to manage property. And that's the person who manages that property is what we would call the trustee. And that person can be themselves a lot of times initially, if it's somebody who's maybe setting up their own estate plan, but it can be maybe a professional company or a different person as well. And when you're talking about estate planning, with trust, really, that is where, just like in a Will, somebody would list who they want their beneficiaries to be after everything is- after they passed away.
Lisa Malak: Well, I feel like when I hear the word trust, I think of people who are really wealthy is it only for the wealthy?
Justin Randall: That's actually a really common misconception. It depends a lot more on really the process that someone wants to use after they pass away or what their goals are during their lifetime. You can have somebody with a relatively modest estate that has a trust for a very important reason, especially for people who may have children with special needs, right?
Millaine Wells: Where can I learn more?
Justin Randall: So we do our weekly webinars where they're very interactive, people can ask questions. So, actually our upcoming topics are on Wills versus trusts in the next coming weeks. So, that's just something where if somebody wants to ask them questions while we're giving a presentation, they can do so.
Millaine Wells: If you have questions, give them a call. It's 920-993-0990 or just head to estateplanninglive.com
Lisa Malak: And that's where you would go to register. Thanks, Justin.
Justin Randall: Thanks, guys.