Realistic Estate Planning by George E. Meng
George E. Meng, an estate planning attorney in Maryland for over 35 years, has written an article in The American Chronicle entitled "Realistic Estate Planning." In it he discusses some of the following issues:
- Will or Trust? Mr. Meng points out that the primary reason for using a trust is probate avoidance, something I've written about before. He explains that a trust needs to be funded and takes commitment to be run properly -- otherwise there will be more probate work after the settlor's death.
- Should there be bond? While most trusts and wills waive bond, the article explains that that is not always in a client's best interest, and estate planning attorneys should explain the pros and cons of requiring a bond or waving bond.
- Using co-PRs or co-Trustees -- Mr. Meng does not think that it is a good idea as it may cause more issues than it solves.
