Q: What type of Trust is best for the following: Married w/ children, in the 50's, own real estate, have retirement acct.

A: Choosing the right trust for your situation depends on various factors including your goals for estate planning, the nature of your assets, and family dynamics. For a married couple in their 50s with children, owning real estate and retirement accounts, a revocable living trust is often recommended.

This type of trust offers flexibility as it can be amended or revoked as long as you are alive and mentally competent. It allows for the management of your assets during your lifetime and upon your death, and can help avoid the often lengthy and costly probate process.

For the retirement accounts, it's important to consider beneficiary designations, as these assets typically pass outside of the trust. Designating the right beneficiaries ensures that these assets are distributed according to your wishes.

Given the complexity of estate planning, it's wise to seek advice tailored to your specific circumstances. Consulting with an estate planning professional can provide clarity and help create a plan that aligns with both your financial situation and your goals for your family's future.

A: A revocation living trust is likely what you need. Additionally, it is recommended that you do a complete estate plan, including pour over wills, power of attorneys, healthcare directives, etc. You should have an attorney prepare all this for you. Most simple plans are very affordable and will avoid headaches later when prepared correctly.