Why a Second Trust May Not Be a Good Idea

There are many great reasons to have a living trust or almost any variation of such a document. One of these reasons is that the terms of a trust can be flexible and can be changed at almost any time. In theory, you can make amendments that erase your current trust’s terms and replaces them with something completely different. Let’s look at why this may be preferable to creating a second document.

A Second Trust Costs Money

It can cost hundreds or thousands of dollars to create a trust even if its language is not overly complicated. The cost can be even higher if you require the services of an estate planning attorney Las Vegas. Therefore, it may be easier to simply amend an existing trust to meet your goals and keep estate planning costs to a more reasonable level.

Additional Trusts Require Additional Oversight

Creating a second trust means that there is one more estate plan document to keep track of. As the process of trust or estate planning is an ongoing process, you will need to review it on a regular basis. Depending on how complex a second trust is, this may require spending hours each month or year with your attorney. It also means having to choose another trustee, which can be a difficult decision if you don’t have a lot of close friends or family members.

An Estate Plan Shouldn’t Be Unnecessarily Complex

The goal of estate planning is to keep everything organized and easy to understand. The simpler a plan is, the better the chances are that your wishes will be respected and carried out. Regardless of what your estate planning goals or needs are before and after passing on, a single trust is generally enough to meet them.