Experience you expect, service you deserve...since 1887

Serving a diverse clientele of Businesses and individuals in the Mid-Atlantic Region of the U.S. and across the nation.

Semmes Legal Articles

Semmes offers articles, relative to different areas of law, for information-purposes only. Semmes assumes no responsibility for the accuracy or timeliness of any information provided herein. The articles and information may not apply to your unique situation, and are not intended to be used as a basis for any particular course of action or as a substitute for legal advice.

Living Trusts—Panacea or Pandora’s Box?

January, 2016

Revocable living trusts have been marketed so successfully that many people think they can’t live—or die—without one. The promises of avoiding probate, ensuring privacy, and preparing for incapacity seem too enticing to pass up. Suze Orman, the popular financial guru, goes so far as to say that “everyone” needs a revocable living trust. But what everyone really needs is some good advice. Living trusts can be useful in limited circumstances, but most of us are simply better off without one. A revocable living trust is essentially a substitute for a Will. Rather than having your estate administered through probate, you would retitle your assets in the name of a trust created for this purpose. Because the trust is revocable, you can amend or revoke it as necessary during your lifetime. Upon your death, the trust becomes irrevocable and your trustee simply distributes the assets to your beneficiaries. Time is saved, costs are minimized, and probate is avoided. What’s not to like?

Full Article