How much should an estate be worth before a Trust is justified?

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How much should an estate be worth before a Trust is justified?

My total net worth is approximately $800,000 and includes 300,000 equity in a home. I have a Will and want to know if I should create a Trust so my children can avoid taxes/probate (i.e. is there a maximum net worth below which a Trust is not necessary)?

Asked on June 7, 2012 under Estate Planning, Nevada

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

The primary purpose of a trust is to keep the general public from seeing your assets upon passing. Wills are probated and are a public record for all to see. Trust agreements are not.

In general, most people have trusts whose net assets exceed $250,000. Trust administration is much quicker than a probate, less expensive than a probate process and allows for greater privacy of family assets.

I suggest that you consult with a Wills and trust attorney further about your question and your specific needs and desires.


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