A Living Trust Attorney is a lawyer who creates a legal document called a “living trust” or “revocable living trust.” This document names you as the trustee and lists all of your assets. It also provides instructions on how you would like those assets to be handled after your death. A lawyer is needed because there are specific statutory provisions regarding living trusts that differ from state to state.
The main reason people choose to set up a living trust is that it avoids probate, the court-supervised process of winding up an estate and distributing its assets after the death of the deceased. Probate can be time-consuming and expensive. It’s no wonder that many people want to avoid it if they can.
One of the first tasks that your Living Trust Attorney will complete is re-titling some or all of your assets into the name of your trust. Most of the time this includes the transfer of real estate, bank accounts and investment accounts. It can include life insurance policies, retirement plans and even collectibles and vehicles. It’s important to include as much as you can since the trust won’t be able to protect assets that aren’t transferred into it.
Another important consideration is who you’d like to be your trustee. You can choose a spouse or someone else to manage the trust while you’re alive. If you’re married, it’s often a good idea to make your spouse the trustee as well so that he or she can take over the management of the trust in the event you become incapacitated. It’s also a good idea to name an alternate trustee in case the original trustee is unable or unwilling to serve after your death.
You should also think about the beneficiaries of your living trust. You can use your trust to appoint guardians for minor children or heirs with special needs. You can also appoint trustees to manage property left to young beneficiaries until they are of an age to handle it themselves.
Depending on the dollar value of your assets, you may be subject to inheritance or estate taxes. A living trust can help you minimize those taxes since your heirs will not have to go through probate. You should also consider any state or local tax laws that might apply.
Beware of false promoters who claim to offer cheap or free living trusts. These offers are usually scams to get access to your personal information for other purposes, such as selling you financial products like annuities. A good way to avoid these pitfalls is to talk to an experienced Living Trust Attorney and compare prices before choosing a lawyer.
The right New York Living Trust Attorney can guide you through the entire process of creating a living trust. Their website features a click-through questionnaire that allows you to answer a series of personal and financial questions and then generates the necessary documents. The site also features a live chat function that can connect you to a customer service representative for any additional questions.
