ITech Home | Living Trust Center Home | Contact Us

Does My Family Need A living Trust?

1. Do you have only a Last Will & Testament currently in place as your estate plan? For commentary, Click Here.

2. Does the value of your probate estate exceed $200,000 (which is the maximum statutory limit for allowing informal probate)? For commentary, Click Here.

3. Do you share ownership of your assets with anyone else (including a spouse) as joint-tenants-with-rights-of-survivorship (JTWROS), or as tenants-in-common (without a trust)? For commentary, Click Here.

4. Do you have post-mortem control issues/ concerns that are not being addressed? For commentary, Click Here.

5. If you do have a living trust in place, is it set up to meet your current planning needs and objectives including being fully funded? For commentary, Click Here.

6. Are your trust and health-care documents electronically recorded on an encrypted database with 24/7 password access via the Internet? For commentary, Click Here.

Final Analysis:

If the answer is “yes” to one or more of Questions 1 through 4, then a living trust should be considered. If the answer is “no” to one or both of Questions 5 and 6, then certain actions should be taken as to:

• restating the existing trust, and/or
• getting assistance in funding the trust, and/or
• taking the steps necessary to assure that the estate planning documents are being kept in a secure but accessible location, particularly in an encrypted database.

(Analysis written by: Gary A. Loftsgard, CFP / John A. Hatling, Attorney at Law)