Questions to ask your living trust attorney
Estate planning is the process that involves determining how your personal assets will be preserved, managed, and distributed if you should be incapacitated or after your death. Estate planning, for many people, is a difficult topic to think about because, not only do you have to consider financial matters while you are living, but it also forces you to think about your death; these are two topics that are often hard to discuss.
However, having an estate plan in place is extremely important because it will ensure that your assets are judiciously managed and that your family members will receive inheritances in a timely manner and with the least amount of stress.
While any attorney can help you draw up your last will and testament, attorneys who specialize in estate planning can advise you on which options are best for you, such as:
- Considering assets in more than one estate
- Naming a legal guardian for your child
- Setting up a special needs trust for a disabled family member
- Minimizing your legal expenses, such as probate and taxes.
- Assessing wealth preservation
- Maintaining an orderly administration of assets while you’re alive
- Ensuring that your beneficiaries receive your assets after your death
If you are considering a living trust as part of your estate plan, you’ll want to know what questions you should ask your living trust attorney to find out what is right for your situation.
Get answers to these questions
To determine if a living trust is right and, if so, what type of living trust you need to create, make sure you get answers to the following:
- What property can go into a living trust?
- Who should be your trustee?
- What are the benefits of a living trust?
- What else do I need to protect myself?
In addition to learning about the benefits of a living trust, find out if there are any drawbacks. And, even more importantly, how creating a living trust may help you when it comes to estate taxes and probate.
You will find that most living trust attorneys will recommend having a pour over will if you should decide to create a living trust. If you leave any assets out of your trust, this type of will directs those assets into the trust.
Working with a trusted attorney
Another important question you should get answered is how much does a living trust cost. Many estate planning attorneys charge flat fees for a standard service like establishing a trust; an hourly rate may apply for special research tasks.
The process of estate planning can be complicated, so finding a living trust attorney that is experienced in living trusts and other estate planning options is imperative. At the Law Office of David W. Foley, located in San Diego, California, we specialize in creating living trusts as part of your estate plan. Call or email our office for more information.