Why you need an attorney for a living trust
A living trust is one of several estate planning documents that you can create during your lifetime. It provides you with a way to manage your assets while you are alive and for their disposal after your death. Establishing a living trust allows your beneficiaries to avoid having to deal with probate. Transactions are handled privately, and your wishes are carried out as to how the transfer of the assets within the trust are handled by your successor trustee.
While many individuals have tried their hand at setting up a DIY living trust, creating a living trust is not a simple process, and if improperly set up, it could have disastrous results, which is why you need an attorney.
One of the reasons you need an attorney to prepare your living trust is if you have complex estate planning needs such as generation skipping, high dollar life insurance policies, or conditions for beneficiaries.
A living trust is a legal document, and, as such, must follow the specifics set down by the laws of your state as well as the terms and conditions that you have established for the transfer of your assets.
While estate planning documents can be found online, in books, and generated by estate planning software, the majority of these are designed to cover the most basic of estate planning needs; in other words, not a one-size-fits-all solution. You want to ensure that you are creating a legally enforceable document free of mistakes that pertains to your individual situation.
Engaging the services of a living trust attorney to create a living trust for you estates will help to lower the emotional stress that your family will experience after your death because you’ve done the proper estate planning during your lifetime.
A living trust attorney will be knowledgeable as to the language and the paperwork that must be submitted in order to protect your children or developmentally-disabled adults after your death. Your living trust can place funds earmarked for them in restrictive or special needs trusts with your provisions.
Other reasons to hire a living trust attorney are to assist with:
- Reducing estate taxes for your family
- Reducing family drama and help you to navigate around any family complications that could arise
- Avoiding probate
- Maintaining your privacy
- Assure you are protected in the event of incapacity
In addition, a living trust attorney can assist you with choosing which type of living trust is right for you — revocable vs irrevocable. A revocable trust can be amended or even revoked during your lifetime while an irrevocable trust cannot.
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A living trust attorney is one who specializes in probate law and is knowledgeable when it comes to the legal complexities of creating a living trust. An experienced living trust attorney should not only have extensive knowledge when it comes to drafting living trusts and preparing wills but should also have experience with trust litigation.
If you still have questions as to why you need an attorney for a living trust, call, email or fill out the required contact information on the website of The Law Office of David W. Foley — California Living Trusts to get legal advice about living trusts.Schedule your FREE Consultation