A living trust is a type of estate planning that allows you to control your assets while you are alive and have them distributed to people you choose when you die. A good Living Trust Attorney can help you create a plan that is best for your family.
The primary benefit of a living trust is that it can avoid probate, which can be expensive and time-consuming. The trustee of the trust is responsible for transferring ownership of the assets to the beneficiaries specified in the document, which can include a spouse, children or other family members. A living trust attorney can help you set up the right kind of trust for your needs and ensure that all necessary steps are taken to avoid a probate battle after your death.
A good living trust attorney will know how to prepare a trust document that clearly states what property is included in the trust, who will inherit the trust assets and who you want to serve as the trustee. After the trust document is drafted, you will need to transfer your assets into the name of the trustee, which can involve preparing and recording deeds for real estate, changing the beneficiary on life insurance policies or 401ks, and transferring bank accounts and stocks.
You will also need to select a trustee, which can be an individual or a corporation. The trustee will be in charge of managing your assets and distributing them according to your instructions. A living trust attorney can help you choose the right person or institution to be a trustee. They can also help you set up a children’s trust, which allows you to hold money for your children without giving them direct access to it until they reach certain age milestones.
An additional benefit of a living trust is that it gives you more flexibility than a will. For example, if you have a son who has a history of financial irresponsibility, you can use the trust to prevent him from spending his inheritance. You can also provide specific directions for your heirs on how to care for and maintain certain items. This may prevent family disputes over things like who gets grandmother’s pearls or a valuable car.
There are a number of different types of trusts, including revocable and irrevocable trusts, charitable trusts, special needs trusts and dynasty trusts. Most of these are not suited for everyone, so you should consult with an attorney to make sure that the type of trust you establish will be appropriate for your circumstances. It may cost more to hire an attorney, but this will save you and your beneficiaries money in the long run. An attorney can also help you set up a trust that is in compliance with your state’s laws. This is especially important if your estate is complex or involves multiple beneficiaries. Then you can be sure that the trust will not contain any mistakes that would be costly to your beneficiaries.
