What are the disadvantages of living trusts?
Following are the disadvantages of a Living Trust. Living Trusts usually: Cost more to prepare and fund than an estate plan involving just a Will. Transferring assets to the Trust involves costs and paperwork (recording deeds and the like) not required for less elaborate estate plans, such as a Will. Administration of an Exemption Trust or Credit Shelter Trust (defined below) can involve additional effort for the surviving spouse. Refinancing real property that is owned by a Trust may require removing the property from the Trust before the refinancing, and then titling it in the name of the Trust after ... Read More
If I have a Trust, do I also need a Will?
Yes, for two very important reasons: As a safety net to "pour" assets into your Trust in case you have forgotten to put an asset into it. To provide for the care of your minor children or other dependents.
