Can You Spot the “Simple” Estate?
As an estate planning lawyer, one of the most common things I hear is: “I have a simple situation, so I don’t need any fancy trusts or complicated planning.” But here’s the catch—most people aren’t great at accurately gauging whether their situation is truly “simple.”
Many people assume that because they don’t have millions of dollars or multiple properties, their situation is simple, and a basic will is all they need. Unfortunately, this mindset often leads to unintended consequences. Don’t let this happen to you!
Take Felicity, for example. She believed she had a simple estate. Her only asset was a $50,000 bank account. Most people would think, “She doesn’t need an estate plan, and she definitely doesn’t need one of those complicated trusts!”
Sounds straightforward, right? That is until you learn what Felicity wants. She wants the $50,000 to go to her daughter, Athena—but only once Athena turns 25 and graduates from college.
And just like that, Felicity’s “simple” estate isn’t so simple anymore.
Without a trust, Athena would inherit the entire $50,000 in a lump sum on her 18th birthday, regardless of whether or not she graduates from college—and is now free to spend it all on pedicures and sushi. By using a trust, Felicity can ensure her wishes are followed even after she’s gone.
The truth is, deciding whether an estate is “simple” is rarely straightforward. If you have any specific wishes for how your money is distributed—whether that’s $10,000 or $10 million—planning with trusts isn’t just for the wealthy—it’s for you too.
Take The Next Step
Take the first step towards peace of mind by booking a Peace of Mind Planning Session with Attorney Candice McPhillips. This is a 1-hour Zoom meeting where we will review your questionnaire, answer your questions, discuss your options, and review my unique flat fee packages! If we decide we’re a good fit to work together, we’ll take the next steps. And if not, that’s fine too! Book your Peace of Mind Planning Session HERE. Mention this blog and I’ll waive the $450 session fee!
PS - Like what you read? Send this blog to a friend!
This article is not intended to provide legal advice or opinion and should not be relied on as such. Legal advice can only be provided to clients of McPhillips Law in response to a specific fact situation.
