A living trust attorney is an estate planning lawyer who helps you create a legal document known as a living trust. It can help protect your assets and ensure they are distributed according to your wishes at your death or incapacity.
A Living Trust Attorney Explains the Process of Creating a Living Trust
To create a living trust, you need to follow the following steps: 1. Select a type of trust (e.g., single or joint) 2. Name your trustee and beneficiaries (3)
Once you’ve done this, you’ll need to draft the living trust document (4). Your trust will include an outline of your wishes and a plan for how your assets will be divided between you and your heirs after you die or become incapacitated.
You can also add tax savings clauses in the trust if you are concerned about federal and state estate taxes.
The main reason to have a living trust is to avoid probate and ensure your assets are distributed as you wish upon your death or incapacity. Having a living trust can also save your family money, time, and trouble by avoiding costly court proceedings and guardianships at your incapacity or death.
If you have a complex situation, need a special needs trust or are overwhelmed by a large estate, it may be a good idea to hire an estate planning attorney to prepare a living trust for you and your loved ones.
Your trust lawyer will work with you to determine your estate’s total value, your intended beneficiaries, and any tax consequences. He or she will also be able to advise you on how to best divide your property and make sure your heirs receive their assets when they are ready.
You must fund your trust before it can be effective. This means you need to transfer any assets that are currently in your name (e.g., title to a home or vehicle) into the trust.
To do this, you’ll need to contact a financial institution and meet with an agent who can help you with the necessary paperwork.
Once your living trust is completed, you’ll need to sign it in front of a notary. This is a vital step to ensure your documents are valid and that the beneficiaries are aware of their rights.
If you have an investment property, a house or other valuable property that you would like to place in a living trust, the property’s deed should be transferred into the trustee’s name. You should also transfer any documents from your financial accounts into the trust’s name as well.
It is important to note that your grantor (the person who created the living trust) should remain involved in the trust throughout its life. This is important to ensure that the trust is up to date and complies with state law.
The trustee is the individual who manages the property within the trust. This person can be the grantor or anyone else with a legal right to be a trustee.
