Why You Need a Lawyer When Creating a Living Trust
If you are like many people, you want to prepare for eventualities including death. However, who will get your assets and wealth after your passing? This is where you need the services of an attorney who specializes in wills and trusts. Your attorney will ensure you have a valid and enforceable living trust, which helps minimize estate taxes, ensure your assets stay with your family, protect minor children, and avoid probate. Establishing a living trust is a complex process that requires legal knowledge. But this process can go smoothly if you have an attorney on your side. Below are reasons you must hire a living trust lawyer:
Keep Estate Planning Documents Up-to-Date
Estate planning documents such as trusts and wills are not a one-time concern. They must be amended regularly, so they match with live events and changes in financial condition. Thus, you must allow for amendments when preparing these documents.
A living trust update is not only making edits. It also includes legal matters that require know-how of the law. Your lawyer will give you advice on how to ensure your estate plans are aligned with your current wishes. This lets them accomplish your goals and prevent family conflicts when you pass away.
Help Pick a Trustee
When you make a living will, you need to appoint a trustee who will manage and keep track of your assets and fund held within the trust. In addition, the trustee will handle trust-related tax filings. But you need to pick the right trustee. You must choose someone accountable, responsible, trustworthy, and organized. Your lawyer can help you find the right trustee by helping you understand the major responsibilities of this person and recommend options.
You should pick a trustee you personally know for years and you trust. Often, you can be your own trustee; however, you can have a successor who will take on the role when you become incapacitated and can’t manage the trust anymore.
Help You Achieve Your Estate Planning Goals
Often, you make a living trust after you have established estate planning goals you wish to achieve. These goals can include protecting your beneficiaries, reducing tax liabilities, and planning for disability. But you need a lawyer’s assistance to ensure your wishes are reflected. Your lawyer determines the division and transfer of your assets to rightful heirs. They also file tax returns and pay tax liabilities for you. Finally, they collect and determine asset value in the trust, as well as keep accurate records.