Tax Resource Center
Legal Document Resource Center
Do you need a trust?
If you have a net worth of at least $100,000 and have a substantial amount of assets in real estate, or have very specific instructions on how and when you want your estate to be distributed among your heirs after you die, then a trust could be for you. The primary advantage of a revocable trust is to avoid probate. Probate is the legal process that involves a court for reviewing the assets of a deceased person and determining inheritors. The probate process is something that can be long and costly, and so by having a revocable trust you can avoid the probate process in its entirety.
Who needs an advance directive?
An advance directive is a legal document that lets you spell out your wishes with regard to future health care. An advance directive typically consists of a living will and a durable power of attorney for health care. There’s no hard and fast rule for determining whether or not you need an advance health care directive. In the event that you don’t have a directive in place, it’s up to your spouse or next closest relative to make decisions related to your care. If they’re not supportive of your wishes, then an advance directive can ensure that your wishes are upheld.
