A Living Trust Attorney is someone that can help you set up a trust to avoid probate when you die or become incapacitated. A trust is an effective way to reduce taxes, keep control of assets and protect beneficiaries. It can also make the administration of your estate easier for your family. Choosing the right trustee is an important aspect of the process. A living trust attorney can help you choose a trustee and create the proper documentation to establish your trust.
There are different types of trusts that you can use, including revocable and irrevocable trusts. The type of trust that you need depends on your circumstances and goals for the future. A revocable living trust (RLT) is the most popular type of trust because it offers the greatest flexibility. A RLT can be changed or cancelled at any time during your lifetime. You can also change beneficiaries and the assets in the trust at any time during your life. A revocable trust can also be used to protect your assets from creditors.
In order for your trust to be effective it must be funded. This means transferring any assets you own into the name of your trust. This can include bank accounts, retirement and investment accounts, stock and bond certificates held in certificate form, cars and real estate. In the case of real estate a new deed must be recorded in the local property records to transfer ownership to the trust. It is also possible to set up a trust for specific items like jewelry or artwork.
During your lifetime you can manage the assets in your trust and the trustees will take care of them for you if you become incapacitated. Once you die or are no longer able to manage the trust, the successor trustee will distribute your assets to the beneficiaries you have named in your trust. In most cases, the distribution of assets in your living trust can be made without going through probate court.
Probate is a long and expensive process that can be avoided with the help of an experienced Living Trust Attorney. If you are interested in avoiding probate, our firm can help you determine which options are best for your situation and provide guidance throughout the process.
Our firm provides a variety of services in addition to living trusts, such as power of attorney, health care proxies, and wills. All of our forms are tailored to meet state laws and must be signed in the presence of witnesses or a notary in order to be considered legally binding. Many people buy worthless trust kits that are nothing more than standard forms that may or may not be valid in your state. A Living Trust Attorney can save you time, money and frustration by preparing all of your documents for you.
It is never too early to begin planning your estate. A frank discussion with an experienced Living Trust Attorney can help you understand your options and make informed decisions about how to protect your family.
