A Living Trust Attorney is a professional who can help you set up a trust and other estate planning documents that will ensure your assets are protected during your lifetime and after you die. They can also help you determine whether a living trust is the best option for your particular situation and needs.
A trust lawyer can help you create an effective and legally sound estate plan that will protect your assets, reduce or eliminate your tax liabilities, and provide peace of mind for your family and loved ones. You can also work with a trust attorney to make sure that the documents you have prepared are in accordance with state and federal law.
The living trust process involves transferring ownership of property to a legal document called a “trust.” You name people or companies (trustees) to manage the assets in the trust and distribute them to the beneficiaries named in the trust.
This type of trust is commonly used to protect assets in the event that you become unable to handle your own financial affairs. It does this by avoiding the need for your estate to go through probate, which can be a time-consuming and expensive process.
During the life of the trust, the trustee can sell or liquidate the assets in the trust, and it can even manage them for the beneficiary(s). In addition, the person you name as successor trustee to manage your estate when you die will be able to do so.
You can name any mentally competent adult as a co-trustee or a successor trustee for the trust. Alternatively, you can name an accountant or a bank as your trust’s successor trustee.
The trust may be revocable, meaning you can change the terms of the trust during your life. It may be irrevocable, meaning you can’t alter the terms of the trust after you die.
A revocable trust is typically more useful for small or modest estates, while an irrevocable trust is more common for larger estates or those with complicated family situations. It is often included in an overall estate plan that also includes a will, as it allows you to leave your wishes for how your estate should be distributed after you die.
If you do not wish to use a trust, it is possible to prepare a back-up will, which would give your estate property to a person or entity of your choosing upon your death. This can be an ideal way to avoid the hassle and expense of probate court, but it should only be used as a last resort.
Your living trust should be designed to meet your specific needs, including how much money you want to leave to each of your beneficiaries and whether or not you want your assets to be passed on to other family members if you have children. Your living trust can also include language that allows your estate to be inherited by a charity or non-profit organization.
