Wills & Trusts
Wills & Trust
Younger couples may be primarily concerned with appointing a guardian for minor children through their wills. In addition, testamentary trusts contained in their wills can be receptacles for life insurance and qualified accounts so that there is a trustee in place to handle funds beyond the age of majority and until a child may be ready to handle these funds. Many young couples need simple wills, essentially as stop gap measures, just in case something happens.
In all likelihood, these wills will be revised, sometimes several times, during their lifetimes. Generally, I will discuss the advantages of a revocable living trust at some time, if not initially, as a way of avoiding probate for older persons. This is particularly beneficial for those who have sufficient funds to self-insure or purchase long term care insurance for the possibility of nursing care, as one cannot hold a primary residence in a revocable trust and qualify for Medicaid in Rhode Island.