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When Do I Need A
Revocable Trust? |
 As
you enter those transition years of retirement, it is appropriate
to locate that old will and see if it reflects your current family
circumstances and planning desires. You should also explore the
option of moving from a will and probate estate plan to a revocable
trust plan.
Whether you should have a revocable trust depends
on a number of factors:
- Your age and health.
The older you are or the existence of health problems suggests
a revocable trust. For those 70 and older, I usually recommend
a revocable trust plan regardless of other factors.
- Size of estate and desire for privacy.
If you have a large estate or
desire privacy (probate makes a public record of your will and
assets), consider a revocable trust.
- Complexity of estate.
Property in more than one state would require multiple probates.
Blended families, spendthrift children, and disability concerns
all suggest a revocable trust is in order.
With a revocable trust, you would have a "pour-over"
will simply stating that at your death, any assets not titled in
the name of your trust or conveyed to the trust would "pour
over" into your trust. A pour-over will acts as a "safety
net" from unintentionally leaving things out of your trust
estate.
 Any
complete estate plan also includes a living will (natural death
directive). This provides direction as to whether or not you want
"the plug pulled" if your death is imminent. A well-drafted
living will should provide a number of alternatives.
A durable power of attorney for health and personal
care is also an important document to consider. This document appoints
someone who will make "living" decisions for you if you
are no longer able to do so. In other words, should you be placed
into an assisted-living facility or nursing home and what kind of
care will you get personally.
 A
final document is a durable power of attorney for financial affairs.
The person chosen should be familiar with your financial matters
and trusted in handling your investments, real estate, and checkbook.
To put it another way, you should be comfortable giving this person
a "blank check."
If you think it is time to take another look
at your estate plan and desire to include gifting to ministries,
the Assemblies of God Foundation is available to serve you. Call
us at 417-865-4880.
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