A Living Trust Attorney is a legal professional who can help you create a revocable living trust, a financial document that allows you to keep control of your assets while you are alive and provides instructions for managing them after your death. The lawyer can also advise you on the specific laws that apply in your state and how they can be used to your advantage.
A revocable living trust allows you to transfer your property into the name of a trustee without having to go through the probate process. This can save your family members time, money and grief in the future. However, the trust must be created and transferred properly to avoid problems. A lawyer who specializes in estate planning can guide you through this process and ensure that all of your wishes are met.
The main benefit of a living trust is that it allows you to reduce the amount of estate taxes you pay after your death or incapacitation. This can save your heirs a considerable sum of money. Another advantage is that the trust can be amended at any time, which allows you to change your estate plan as your circumstances evolve over time.
A revocable living Trust may be a good option for people with substantial assets who want to avoid estate taxes. It is not necessary for everyone, however, because most states do not have a death or inheritance tax and the federal government only assesses such taxes on estates that are significant in value.
When you choose to include an asset in a trust, the trustee will manage it for your benefit and distribute it to your beneficiaries according to the terms of the trust. The trustee can be a person or an institution such as a bank or law firm. Typically, the trustee will be the same person who is designated in your will as guardian for your minor children.
In some cases, a person might include personal items in their trust such as jewelry, artwork or collectibles. This can prevent family disputes over who should receive grandmother’s pearls or other prized possessions. The trust can also be used to provide for a pet.
Hiring an experienced Living Trust attorney is a wise move when considering a revocable living trust as part of your estate plan. You can trust the attorneys at Botti & Morison to have the expertise, tools and in-depth knowledge necessary to establish a Living Trust to help you avoid the probate process and protect your family’s future. All of their attorneys have been independently verified by Lead Counsel and are in good standing with their bar associations. They have decades of combined experience and are dedicated to the needs of their clients. Their attorneys work closely with their clients to develop a holistic approach to estate planning that takes into account the complexities of each situation and unique family dynamics. Contact them to schedule a consultation today.
