A. Whether you are a member of Generation X, a baby boomer, approaching retirement or have already retired, it is never too soon to set aside a little of one’s valuable time to get one’s personal affairs in order. If you have not already established a living trust or have not reviewed your trust(s) for over three 3 years, or if your family or financial circumstances have undergone a substantive change, you should consider establishing or amending your trust today. If you have children, will they be able to manage large sums of money? If they are married with children, would you want to be able to preserve those assets for your children and grandchildren, and not have those assets diverted to divorcing spouse, or that spouse’s future spouse and children? If so, a living trust can provide the protections you desire.
As you can see, the issues raised above, among others, should be addressed sooner rather than later, as one never knows what curveballs will be thrown at them. Better to prepare in advance to avoid striking out.
