A Living Trust Attorney is a lawyer who is experienced in assisting people in planning for their estates, including setting up living trusts. A good estate planning attorney will be able to help you create an effective and comprehensive plan that protects your assets, minimizes taxes, and ensures that you and your loved ones are taken care of after your death.
A revocable living trust can avoid the probate process, but it does not eliminate inheritance or estate taxes. Additionally, revocable living trusts can be expensive to set up and may not be the best choice for all situations.
In addition to revocable living trusts, there are also other estate-planning tools that attorneys can use to protect and ensure that you and your family have financial security at all times. These tools include powers of attorney, healthcare directives, and living wills.
If you are interested in setting up a revocable living trust, it is important to speak with an estate planning attorney. They will be able to help you determine which type of living trust is right for your situation.
Revocable living trusts are a popular way to reduce the amount of money your loved ones will have to pay in probate fees and court costs after your death. They can also be used to keep your property out of the public record, a benefit for people who are concerned about their privacy or who have family members who are unable to locate them when they die.
When a grantor (the person who sets up the living trust) establishes the trust, the grantor transfers ownership of his or her assets into the trust and appoints trustees to manage these assets on behalf of the beneficiaries. The trustees then distribute the assets to the intended beneficiaries according to the terms of the trust agreement.
Trustees can be relatives or non-relatives, professional trust officers, and others. It is important to choose a trustee who will be responsible for managing the trust properly. This is especially true if you are planning to leave property to children or young adults who are not yet of full age and competency to handle their own affairs.
A trust is an excellent tool for protecting the assets of those with special needs. It can prevent those with disabilities from being denied government benefits, such as Medicaid, which can be extremely beneficial to them and their families.
It can also save your loved ones and their estates substantial amounts of time, energy, and expense by avoiding the long, expensive and complicated probate process after you die. It can also protect your children from being put in a foster home if they have been abandoned by their parents, or by preventing them from being evicted from their homes due to debts.
Another benefit of a trust is that you can name a guardian for your minor children who will be able to receive money and other possessions if you die before they reach legal age. You can also name a guardian for your pets and other animals if you would like to protect them from a potential abuser or neglecter.
