Estate Planning Comment of the Week

WEEK OF: October 1, 2006

A LIVING TRUST IS NOT THE ONLY WAY!

It seems like some lawyers think the only way to do estate planning is with a living trust. Although a living trust is a flexible tool, it is not the only way to plan an estate. For those of you who don't want a trust, I recommend a last will and testament and a durable power of attorney. You may have already made provisions for the distribution of your estate so that probate will not be necessary. As a result, a durable power of attorney may be all you really need. A durable power of attorney allows someone else to manage your property if you become incapacitated, and can allow someone to make health care decisions for you when you are unable to do so. Also, if you feel that letting the courts "referee" the distribution of your estate after your death, then a probate of your will might work better for you. Of course, the probate will be more expensive, but it would better insure the PROPER distribution of your estate. Don't be scared into a living trust it is more than what you really need.