A living trust can help keep family matters private and avoid probate. An attorney can assist in setting up the trust and transferring assets to it. They will also help ensure that the trust is enforceable and valid.
For example, some people are concerned their teenage children won’t be responsible for an inheritance. A lawyer can help set up a trust that limits access to certain amounts until the child reaches a specified age.
Experience
A living trust helps you transfer your property to heirs without going through probate. It also keeps your estate private, whereas a will becomes a public document. A living trust is an important estate planning tool that can save your family time, money, and headaches. The attorneys who specialize in trusts can advise you on the best strategies for your situation.
Besides creating a living trust, an experienced lawyer can help you establish special needs trusts (SNT) to help children and grandchildren with disabilities. These trusts can set aside assets for a beneficiary, and the trustee will be responsible for dispersing them according to your wishes. They can even include a letter or memorandum of intent that provides insight to the trustee about your intentions.
Another important document that an attorney can draft for you is a power of attorney. This document appoints an agent to manage your financial affairs when incapacitated. This document can also give your agent the authority to decide on your behalf regarding your health. Additionally, a “living will” sets forth your wishes about end-of-life care, such as whether you want to be hooked up to machines and if you want to die at home or in hospice.
While many people think they can do estate planning independently, a lawyer can provide guidance and expertise to ensure your will is legally binding and compliant with state law. An experienced lawyer can also avoid errors that could invalidate your trust.
Flexibility
A living trust can help protect your assets from heirs who might dispute your wishes. It can also help you avoid court-ordered conservatorship. A trust attorney can create a document that enables you to select a manager for your affairs should you become incapacitated. This will prevent heirs from fighting over your estate and save your family money.
When drafting your trust, an experienced attorney will consider your unique circumstances and goals. They will design your trust to protect beneficiaries, minimize tax liabilities, and address special needs. They will also ensure that your estate plan does not interfere with government benefits.
In addition to traditional probate assets, a revocable living trust can include non-probate assets such as life insurance proceeds and retirement accounts. You can also create a special needs trust (SNT) to fund your disabled loved ones without incurring income tax liabilities. An experienced attorney can help you determine which assets to put into a trust and how much to leave to each beneficiary.
As your situation changes, you might have to change your beneficiaries, but an experienced estate planning lawyer will make this process easy and convenient. They will make sure that your trust is up-to-date and accurate. They can even review existing documents and suggest improvements or changes to your current plan.
Objectivity
A living trust is a legal arrangement that allows you to control and protect your assets during your lifetime and beyond. It also bypasses the probate process, which can be time-consuming and costly. An estate-planning attorney can help you decide whether to create a revocable or irrevocable trust. They can advise you on the best strategies to protect your assets and minimize taxes.
A good estate planning attorney can discuss your wishes and family dynamics before creating your trust. This will help you avoid family drama and reduce the risk of a dispute over your estate. They can also recommend an appropriate trustee to handle your assets. The right trustee should be trustworthy and keep your best interests in mind.
Some people worry that their heirs will waste their inheritance or not make wise financial decisions. If this concerns you, you can use your trust to give your heirs a gradual estate distribution. This will prevent them from spending your money foolishly and may even save them from paying taxes on it.
The best estate planning attorneys will help you establish a living trust that is valid and enforceable. They can also help you set up a trust for special needs beneficiaries. Those with special needs can lose their public benefits if they inherit outright, and certain types of trusts allow them to keep their inheritance while still receiving government assistance.
Cost
If you are preparing for your death, hiring an experienced living trust attorney is important to ensure your estate is protected and your wishes are fulfilled after your death. These attorneys have the knowledge and expertise to help you set up a revocable or irrevocable living trust to protect your assets. In addition, they can help you avoid the costly probate process and minimize taxes on your estate.
They can also assist in creating a special needs trust (SNT). This type of estate planning tool is useful for individuals with special needs who may lose government benefits if they inherit outright from their parents or other relatives. An attorney can ensure that the SNT is properly drafted to not conflict with government rules or regulations.
A qualified lawyer can also provide expert advice regarding the various assets that can be transferred to a living trust. For example, if you want to transfer real estate into the trust, you must file a new deed with local property records and prepare relevant tax forms. They can also guide what properties should not be transferred to a living trust to avoid costly legal disputes after death.
Additionally, a trust attorney can help you create a letter of intent, which can be used to give specific instructions to your trustee. This document can include milestones you would like your beneficiaries to achieve and the standard of living that you would like them to have.
