Q: From everything that I have read, it seems like trusts are better than wills. Can you think of any reason's that a person wouldn't want to use a trust?

A: As most of you know, I am a big fan of trusts. I work with them everyday and I'm familiar with the benefits that they can offer. However, they certainly aren't appropriate for everyone.

The first thing to consider is the cost of establishing a trust estate plan.

Although the cost of establishing a trust has come down significantly in the past decade, they are still expensive to establish. Admittedly, what was once a device reserved for the wealthy have become within reach of most of us.

Despite the cost having come down, they still cost a lot more than establishing a simple will.

Because of the cost of establishing a trust, you need to weigh benefits of a trust against the cost of creating it. A lot of attorneys look at the value of a client's assets before recommending a trust. I've heard figures as low as $200,000 in personal assets to as high as $500,000.

Another thing to remember is that a lot of the things that can be accomplished by using a trust can also be accomplished using a will. For example, a will can establish a trust for the benefit of a loved one. Also, wills can accomplish sophisticated tax planning. Wills are pretty flexible and can do a lot of stuff. What they can't do is avoid probate, which is one of the big benefits of a trust.

You should also remember that although trusts are fairly common, they are still sophisticated documents that require attention. As my good friend, and more learned counsel, Jack O'Drobinak likes to say, a will is just a piece of paper until you die. Until your death, your will is simply a document that you keep in the safe deposit box. An important piece of paper, but still just a piece of paper.

Your trust on the other hand is a separate existing entity that requires effort on your part to maintain. Initially, you need to properly fund the trust which isn't always as easy as it sounds. Sometimes it takes a great deal of effort and time to properly establish the trust and make sure it is funded.

After funding, you still must maintain the trust. Although you put everything in the trust, you must make sure that assets acquired in the future are also properly titled. Remember, chances are you are going to move money around and purchase new CDs, bonds and stocks. You have to make sure that newly acquired assets are titled correctly. Failure to do so may result in the trust not accomplishing its goal. Trusts shouldn't be put into the safe deposit box and ignored.

Although trusts have become common, they certainly aren't for everyone. They are expensive to create and require effort to maintain. If you fail to follow through with the funding, they might not even accomplish your goals.

There are rarely silver bullets when it comes to estate planning. Every estate plan is need specific. Before you decide that you need a trust, sit down with your attorney and discuss your specific needs. Only after a thorough dialogue with your attorney will you know if a trust is right for you. Don't believe everything that you read, except for this column of course.

Opinions expressed solely are those of the writer. Christopher W. Yugo is a member of the Indiana Bar and a vice president and senior trust Officer for First National Bank's Trust Department. Address questions to Yugo in care of The Times, 601 W. 45th Ave., Munster, IN, 46321. Yugo's information is meant to be general in nature. Specific legal, tax, or insurance questions should be referred to your attorney, accountant or estate-planning specialist.