When you hear the word “trust,” do you immediately think of wealthy families and large inheritances? Trusts can actually be useful estate planning tools for many different people and situations.
In this episode of Aging Starts Now, Outreach Coordinator Dana Hentschel talks with Johnson McGinnis Elder Care Law & Estate Planning attorney Josh Hunter about what a trust is, how it works, and how to determine whether one might make sense for you and your family.
Josh explains the differences between revocable and irrevocable trusts, how trusts can help avoid probate, when they may provide asset protection, and how they can be used when planning for minor children or loved ones with disabilities. He also discusses the important role of the trustee, how trusts and powers of attorney work differently, and one of the biggest mistakes people make—creating a trust but never properly funding it.
Most importantly, you’ll learn why the better question may not be, “Do I need a trust?” but rather, “What are my goals, and is a trust the right tool to accomplish them?”
