The Benefits of Using a Living Trust Attorney to Draft a Living Trust
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April 26, 2021 at 9:47 am #8597julissaaird744Guest
Attention to Trust Detail
Setting up a living trust is a complex process that requires attention to detail. A living trusts attorney is highly trained in setting up all types of trusts. They can ensure that your wishes are outlined properly and are legally binding.
The Attorney will advise you on all of the parties in a trusts that you will need to name including your successor trustee. Your successor trustee is the person who will take over management of the trusts if you become incapacitated or die. As a result, you want to pick someone who is responsible that you trust.
The transfer of assets from your ownership into the trust provides the funding for the trusts. Some states require specific transfer documents for certain assets. A living trust attorney will help you complete this paperwork to comply with state law, ensuring that legal transfer takes place and your assets are kept private and protected from probate.
Knowledge of Your State’s Laws
Each state has different laws relating to probate, owning property, taxation of gifts, estates, and inheritance. If the living trusts is not drafted in accordance with yourstate’s laws, then it is invalid which means all the benefits you intended on receiving are lost. In this situation, the difficulty will become apparent after you pass because your family will be left to sort out your affairs at a substantial cost in time, money, and emotion.
Another major benefit of using a trust attorney to draft your living trusts is the experience they have gained from drafting these documents every day. As a result, you get the benefit of their wealth of knowledge on the subject of trust law to make sure your documents are written properly and made legally binding.
I’m sure you have seen free will and trust forms on the internet. The problem with these is that you don’t know who wrote them or if they are valid in your state.
Often times these are click bait products put out there by internet marketers trying to get your email so they can sell you something that isn’t free later. When drafting a living trust, too much is at stake to leave it up to chance. Use a professional who drafts trust on a daily basis.
Avoid opinions Conflict
During stressful times such as death or incapacity, family members’ opinions can conflict. A living trusts attorney will draft your plans so that they are unambiguous and precise, leaving no room for challenge and distress at the time of your death or incapacity.
Living trust Attorney Independent Advice
A living trust attorney serves your interests. They have no attachments to your assets or your family members so you can rely on them for honest advice.
The living trust is a major part of your estate plan, but it’s not the only document you can use to protect your family and assets. Your living trust attorney can advise on complementary documents to cover assets not contained in the trust.
Complex Estates Plan
Some complicated arrangements like planning for beneficiaries with special needs can benefit from the knowledge of a living trust attorney. More complex arrangements need careful drafting to get the right result.
An experienced living trust attorney is much faster at drafting the necessary legal paperwork vs someone who is untrained. Employing an attorney to set up your living trust will save time and future costs associated with mistakes you might make if completing the paperwork without legal assistance.
A revocable living trust is a valuable estate planning tool that has many benefits:
You maintain control and use of your property.
If you become incapacitated, a designated person can step in to manage your assets and care.
Your heirs receive your assets without having to spend months in probate.
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Vulnerable beneficiaries are protected.
There is a lot at stake when putting together a living trust, so you want to make sure it is done right. If you are interested in drafting a living trust, call Rochester Law Center today to speak with an experienced trust lawyer, today!