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Four Reasons You Dont Need a (Revocable) Trust Probate avoidance is the only goal. While this is an admirable goal, a trust may not be the only way to avoid probate. You have straightforward wishes. Youre motivated by tax savings or Medicaid eligibility. Youre not great at follow-through.
Establishing an estate and trust plan for couples without children or with no children intended to inherit is just as critical as planning for couples with children intended to inherit, and it is equally as important to have competent counsel to draft these important legal documents.
South Dakotas trust laws provide a significant advantage in terms of flexibility and control. Even if your trust is irrevocable, you can make modifications. The state also allows for easy decanting (moving assets from one trust to another) for trust issues that cannot be resolved through non-judicial modification.
Individuals may find it challenging to keep up with the constant updates and changes required, leading to potential confusion and complications down the line. Another aspect that draws complaints is the impact of transfer taxes and the need for refinancing when assets are transferred into a living trust.
In closing, all were trying to say is that trust is essential to every relationship especially marriages. Couples who can see, express, and feel trust in one another will have the marriage theyve always dreamed of.
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While Trusts may not be as critical for DINK couples as for those with children, they can still offer advantages. Revocable Living Trusts provide privacy, streamline asset transfer, and can bypass probate for chosen beneficiaries.
If each spouse has distinct assets or complex estate plans, separate trusts might be the better option. On the other hand, if a couples financial life is highly integrated, a joint trust could provide simplicity and ease of management. Its also important to note that this decision isnt set in stone.

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