Can You Spot the “Simple” Estate?

As an estate planning lawyer, one of the most common things I hear is: “I have a simple situation, so I don’t need any fancy trusts or complicated planning.” But here’s the catch—most people aren’t great at accurately gauging whether their situation is truly “simple.”

Many assume that because they don’t have millions of dollars or multiple properties, their situation is simple, and a basic will is all they need. Unfortunately, this mindset often leads to unintended consequences. Don’t let this happen to you!

Take Felicity, for example. She believed she had a simple estate. Her only asset was a $50,000 bank account. Most people would think, “She doesn’t need an estate plan, and she definitely doesn’t need one of those complicated trusts!”

Sounds straightforward, right? That is until you learn what Felicity wants. She wants the $50,000 to go to her daughter, Athena—but only once Athena turns 25 and graduates from college.

And just like that, Felicity’s “simple” estate isn’t so simple anymore. 

Without a trust, Athena would inherit the entire $50,000 in a lump sum on her 18th birthday, regardless of whether or not she graduates from college—and is now free to spend it all on manicures and sushi. By using a trust, Felicity can ensure her wishes are followed even after she’s gone. 

The truth is, deciding whether an estate is “simple” is rarely straightforward. If you have any specific wishes for how your money is distributed—whether that’s $10 or $10mm—planning with trusts isn’t just for the wealthy—it’s for you too. 

Take The Next Step

We can help you determine if trust planning makes sense for your family! Start by booking a Peace of Mind Planning Session. We’ll answer your questions, explain your options, and share our unique flat fees and process. The session is normally $275; mention this article and we’ll waive the fee! BOOK HERE!