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The Formula Wealth Report

I Trust Your Parents Have One? (No, They're Not Just for the Rich)

Published 3 months ago • 1 min read

Smart Money, Made Simple

Navigating Your Financial Future Doesn't Have to be a Headache

You don’t need a Rockefeller-sized yacht to need a trust. A regular ol’ family home will do the trick!

If your parents own a house, have property out of state, or want to avoid turning their estate into a courtroom drama, a revocable living trust is a no-brainer.
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Here’s why:

  • Without a trust or named beneficiary, assets titled solely in your parent’s name go through probate.
  • With a trust? Assets pass directly to the family. No court, no delay, no drama.
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Fair warning… Probate is required in every state where they own property. That means duplicate effort, double the lawyers, double the fees, double the headaches. Nobody wants a sequel!
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Unless… all out-of-state properties are owned by the in-state trust. Then you only need to file probate once. Winning!
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📦 Bonus: Trusts can also help:

  • Manage assets if your parents become incapacitated
  • Name backup decision-makers (because sometimes the first choice flakes out)
  • Keep things private (no nosy neighbors scrolling court records with their morning coffee!)

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✅ Takeaway:

Think of a trust like a “family instruction manual” that kicks in exactly when it’s needed, and saves your heirs from a probate pile-up.

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🔍 Not sure where to go from here? Maybe you need a Life Audit. Let’s chat.

Chad Holmes, CFP®, CPA, CPWA®

Founder | Financial Planner | Author

​www.formulawealth.com​

(901) 262-1281 Cell

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​Check Out The Inheritance Playbook​

Copyright (C) 2025, Formula Wealth. All rights reserved.​
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The Formula Wealth Report

Insights for Wealth Transfer Planning

Short, simple action steps to help families like yours avoid probate, save on taxes, and be prepared when “the time” comes. It’s written with heart, a little humor, and zero fluff. If you want practical tips on being a good steward of your parents’ legacy (and your own), sign up here! MUST CONFIRM SUBSCRIPTION - CHECK SPAM FOLDER AFTER SUBSCRIBING FOR THE LINK!

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