Estate planning can be complicated. Although a lot of people think that estate planning is just about drafting a will, it can be more multi-faceted. Usually, it requires professional help. For instance, several people can benefit from setting up a living trust. To ensure the validity of the trust, it’s important to hire an attorney who specializes in living trusts.
What to Expect from a Living Trust
A living trust puts your assets into a trust to benefit you while you are still alive. Also, it helps dictate the allocation or distribution of such assets when you die. In addition, it lets you name a person to be the trustee who can handle and supervise your trust even during medical incapacitation.
There are many reasons you may want to have a living trust. The primary benefits include avoiding the probate process and ensuring privacy. Although you will should go through probate, a living trust does not have to. This can save your designated beneficiaries lots of headaches and hassles. Also, this allows them to avoid unnecessary legal fees. If your assets go through the probate process, the contents become public. With a living trust, you can avoid this and ensure your estate is always a confidential matter.
Why Work with a Trust Attorney
Although you can devise your own living trust, it is better not to. A living trust can be complicated and require different requirements. If you make a simple mistake in the trust, it might result in it or your estate being rendered invalid.
When you set up a living trust, you must pick between a revocable and irrevocable living trust. While a revocable trust can be modified during your lifetime, an irrevocable trust cannot. Your lawyer has extensive experience dealing with the intricacies of living trusts. They can help you make the right decision according to your situation.
By working with an attorney, you benefit from real, localized expertise. Thus, you can make sure that your documents are legally compliant. In addition, your layer can ensure your estate planning documents work seamlessly to carry out all your desires and protect you from burdensome tax liabilities. Lastly, your lawyer can communicate with you regularly, making sure your estate plan’s terms are up-to-date whenever there are changes in applicable laws, your family dynamics, and your finances. If you have more concerns or questions about living trusts or estate planning, contact a skilled living trust attorney as soon as possible.
