By creating a living trust, you can manage your assets during your lifetime, and streamline the estate planning process. For many individuals, a living trust may be more beneficial than a last will and testament.
A common question about living trusts is, can they be established all on your own? Or is it better to enlist the expertise of a living trust attorney?
In this post, we’ll answer these important questions, and also shed some light on the significance of having a living trust. With any questions, don’t hesitate to contact the living trust and will lawyers at Singh Law Firm.
The Basics of Living Trusts
There are a number of benefits to choosing a living trust over a last will and testament. For one thing, a living trust can help you minimize the tax burden on your estate. For another, it can enhance your privacy. While the contents of your will may be made public, especially if it passes through probate court, a living trust can remain confidential.
When creating a living trust, there are a few key elements you will want to have in place. The specifics may vary slightly depending on the state you’re in. Generally speaking, the components of a living trust will include:
- The name of the grantor, or the person who’s making the trust.
- The name of the trustee, or the person who will be managing the trust.
- The successor trustee, or the name of the person who will take over if the trustee dies.
- The beneficiaries, or the people and organizations to whom you are leaving assets.
- If applicable, the name of any additional trustee you’re appointing to manage assets on behalf of beneficiaries who are still minors.
Again, if you have any questions about any of this, a living trust attorney can help. Reach out to a living will, trust, power of attorney expert here at Singh Law Firm.
Do You Need a Living Trust Attorney?
That brings us to our central question: Do you need to enlist the services of living trust and will lawyers to help you put your living trust into place?
Technically, the answer is no. You are not required to work with an attorney, and in some cases, it may be easy enough to draft a living trust on your own.
Remember, though, that an attorney will be able to help you consider the spectrum of your estate planning needs and advise you on the best documents to meet your goals. And, when you work with an attorney, you have extra assurance that your living trust is completed properly, and that it’s legally compliant.
Additionally, it makes sense to hire a team of living will, trust, and power of attorney professionals if you’re looking at a more complex estate planning scenario. Some examples include:
- Generation skipping
- Beneficiaries who receive government assistance
- Beneficiaries who have special needs
- High dollar value life insurance policies
- You need assistance funding/transferring money to a trust
The bottom line is that not all estate plans are created equal. Maybe your needs are very straightforward, or maybe they are a little more nuanced. Either way, the team at Singh Law Firm can provide assistance, guidance, and encouragement.
Learn More About Effective Living Trust Planning
Do you have additional questions about how to set up a living trust, or about whether you need a living trust in the first place?
Our attorneys are ready to help you at any time.
To speak with a living trusts expert from Singh Law Firm, connect with our office at your next convenience.