Every now and then, someone who calls me wanting a trust thinks my fees are too high. Then they say, “It’s just fill-in-the-blank.” I am not surprised that people think that. With AI and software, I have seen “fill-in-the-blank trusts.” Yes, the names are fill-in-the-blank, but trusts aren’t. Perhaps they would be if everyone had one marriage, children all from that marriage, adult children who all know how to manage their money, who never divorced, and no children with disabilities.
Families today are messy. We have his, hers, and ours—kids, money, and assets. Planning what happens with our money when we die—and more importantly, what happens if we get sick—requires asking: who pays for care? What if our second (or third) marriage is fairly new? Do you want to be responsible for paying for the care of a new spouse?
With a fill-in-the-blank trust, your most recent spouse will get everything when you die. Then they can do what they want, which will probably be to give everything to their new spouse or to their kids, leaving yours out.
If you want a trust that meets your goals, give me a call. I don’t do fill-in-the-blank trusts. Each trust is prepared to accomplish your goals, and you get the benefit of the thousands of hours I have spent mastering all the things you need to know.
