Joseph S. Karp
A Living Trust has multiple benefits for individuals and their families. One, it avoids Probate Court for the assets that are titled in it. Two, it retains privacy. And, three, many of our clients want to leave assets to their loved ones, but not outright. They want structure in how their loved ones get the assets, and a trust can provide that structure. For instance, they may want contingencies for people with disabilities. And if you just leave things to your kids and if your kids are minors, they’re going to get everything when they turn 18. Most people don’t think that’s a good idea. They recognize that their children at 18 don’t have the maturity to properly manage money. But if it’s left in a Trust with somebody holding on to it for the benefit of that child, with a set and structured time frame from which the child can get the money, it can still be used for their child’s benefit during their growing years.
