You have probably heard that you need a family trust? But do you really need a family trust if your spouse will just get everything anyway? Whether you really “need” a family trust depends on you and how much you want to help your spouse if something happens to you. But would you go so far as to say – I am gone anyway so what do I care?
What Family Trusts really do
Most people don’t really say – “I am gone, so what do I care?” But by not putting any type of plan in place, this will be the result of their inaction. It is often said that an ounce of prevention is worth a pound of cure. No where is this more true than with having a family trust. A family trust is part of a plan. It is a plan that you participate in. It gives your spouse guidance. A starting point for whom your spouse can trust. A way for your spouse to deal with all the financial aspects of getting your financial house in order for your spouse to continue on without you. Do you want your spouse to start googling lawyers and law firms the day after you pass away while grieving? Is that something you would want them to do? Without a plan in place, that is exactly what will happen. Do you want to do that to your spouse? Or do you want them to know immediately who to call? To have that assurance that they are getting help in their time of grieving from the person whom you put in place to help them. Family trusts provide the security and comfort to your spouse at this most difficult point in their life.