A Living Trust Attorney Can Help Avoid Probate

A Living Trust Attorney helps people with complicated estates and large assets to avoid probate. Probate can be expensive and time consuming. Trusts can help reduce estate taxes, maintain control of property, and avoid conflict between heirs. In addition, trusts can protect assets from creditors. Despite this, a trust is not necessarily for everyone. In many cases, a person with a simple financial portfolio and a will can pass on their estate without needing a trust.

The process of creating a living trust involves transferring ownership of assets to the trust. A trustee is named to manage the trust and distribute the assets to beneficiaries when required. A living trust is revocable during life, meaning it can be amended and changed as needed. It can also be revoked entirely if the settlor decides it no longer serves their purposes.

Living trusts are commonly used to avoid probate, as they allow the settlor to retain control of assets during their lifetime. This may be helpful if the settlor has minor children, significant debts, or a family business they wish to continue. They can also provide privacy, as the terms of the trust are not public. Finally, a living trust can also reduce estate taxes by avoiding the transfer of assets to the beneficiary’s taxable estate.

Some benefits of a living trust include the ability to transfer wealth to grandchildren, spouses, and charities with tax benefits, as well as the flexibility to distribute assets to any number of individuals or organizations. The trust can be created for a specific purpose, such as funding a scholarship or providing for an animal shelter, or it can have more general purposes. A revocable trust also allows the settlor to plan for mental disability by appointing a successor trustee to manage assets in case of incapacity.

A living trust can be drafted by an experienced estate planning attorney or a legal service that offers online estate planning. Regardless of the option chosen, it is important that the document be reviewed regularly to ensure it still reflects the wishes of the settlor and meets their needs. Moreover, it is important to update the document as circumstances change. If you are not sure whether a trust is the right solution for your situation, speak with a Living Trust Attorney. They can assess your finances and recommend the best method for distributing your assets.

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