Ep. 73 – Chess Griffin – Do You Need a Trust
Have the thought of having a trust ever crossed your mind? But do you really need a trust?
It is important to understand the different reasons why you might need to set up a trust for your children. The purpose of a trust is to protect your children’s inheritance until they’re in a better position to receive it.
When planning your retirement or thinking in the unfortunate case, your death, consider setting up a trust for your children. It is different from a will and more optional but might be what you need.
In this episode of the Secure Your Retirement podcast, we have Chess Griffin to discuss the different types of trusts and the reasons why you may or may not need them. Chess Griffin is a well-known estate planning attorney who is very knowledgeable about trusts.
In this episode, find out:
- A trust- allowing someone to hold assets for yet another person
- The scenarios where you might need to consider a trust
- The meaning of the common revocable living trusts and their functions
- Why people might consider setting up irrevocable trusts
- The meaning of a will and its difference from a trust
- How to avoid probate by creating a trust plus its pros and cons
- The reasons why you might not need to set up a trust
- The purpose of an official and unofficial special needs trust
Tweetable Quotes:
- “A trust is a way to extend the estate plan beyond death and make sure it does what you ultimately want.”– Chess Griffin
- “The revocable living trust is the standard type of document we implement.”– Chess Griffin
Resources:
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