Can You Really Spot a “Simple” Estate?
As an estate planning lawyer, one of the most common statements I hear is: "I have a simple situation, so I don’t need any fancy trusts or complicated planning."
It’s a natural assumption, but here’s the catch—most people aren’t the best judges of whether their estate is truly “simple.”
Many believe that because they don’t own millions of dollars or multiple properties, their situation is straightforward and a basic will is sufficient. Unfortunately, this assumption can lead to unintended consequences. Don’t let that happen to you!
Take Felicity, for example. She was convinced her estate was simple. Her only asset? A $50,000 bank account. Sounds straightforward, right? No need for an estate plan or one of those “complicated” trusts.
But here’s the twist: Felicity had specific wishes for her $50,000. She wanted the money to go to her daughter, Athena—but only after Athena turned 25 and graduated from college.
Suddenly, Felicity’s “simple” estate isn’t so simple anymore. Without a trust in place, Athena would inherit the entire $50,000 in a lump sum on her 18th birthday, regardless of whether she graduates from college. At that age, Athena could spend the money on anything—manicures, sushi, or a spring break trip to Cabo—not exactly what Felicity envisioned.
With a trust, however, Felicity could ensure her wishes are honored. The funds could be held safely until Athena meets the conditions Felicity set, providing peace of mind that her hard-earned money is being used as intended.
The lesson here? Determining whether an estate is “simple” is rarely as straightforward as it seems. If you have specific wishes for how your assets are distributed—whether it’s $10 or $10 million—trust planning might be the key to making sure those wishes are followed. Planning with trusts is not just for the wealth—it's for you too.
We can help you determine if trust planning makes sense for your family. Staret by booking a Peace of Mind Consult. We'll answer your questions, explain your options, and share our unique flat fees and process.
