Preparing your estate plan? One document you may wish to consider is a living trust. A living trust attorney can help you determine whether this document can help you achieve your estate planning goals.
In the meantime, here’s a crash course, covering everything you need to know about putting a living trust into place.
What to Know Before Hiring Living Trust and Wills Lawyers
1) What is a living trust?
To begin with, a living trust is a legal document wherein you assign a person (trustee) to manage funds in a trust account; the trustee manages these funds while you’re still living, with the intention that the funds will eventually pass to a beneficiary, upon your death.
2) What are the advantages of a living trust?
Unlike a will, a living trust is in effect while the grantor is still alive. This is important for a number of reasons, but primarily because it means your trust funds can pass to the beneficiary when you die or become incapacitated, without having to go through court. Bypassing probate court is a key part of estate planning, and a living trust can help you achieve it.
3) What types of living trusts are there?
Your living trust and will lawyers will tell you that there are basically two options:
- With a revocable trust, you can appoint yourself the trustee and manage its funds by yourself. The downside is that you may still be on the hook for estate taxes.
- With an irrevocable trust, you relinquish certain rights over the trust, allowing another person to assume the role of trustee. However, in doing this, you can avoid having to pay estate taxes.
There’s no “correct” option here; it all depends on your estate planning goals. Ask your will, trust, power of attorney lawyer for guidance.
4) Is it difficult or expensive to create a living trust?
It’s not expensive per se, but there is some paperwork that you’ll need to complete. And, you’ll also want to ensure that you establish a living trust that works harmoniously with the rest of your estate planning documents. A will, trust, power of attorney firm can help you out with this.
5) Are living trust documents ever revealed to the public?
No; unlike a will, your living trust document will never be made public. Because there’s no probate involved, there is no need for your privacy to be violated.
6) Do you need both a will and a living trust?
While different people have different needs and priorities, it’s generally recommended to have a will and a trust in place. With more questions about a living will, trust, power of attorney, or anything else, reach out to your estate planning attorney.
7) Who’s the best attorney to help me with a will, trust, power of attorney, etc.?
Make sure you seek a law firm that specializes in estate planning, and that has a great track record of serving clients in your part of the country. (Some estate planning legal issues vary by state or even by county.)
Connect with Singh Law Firm Today
As you consider whether or not to implement a living trust, or if you have any additional questions, we welcome you to connect with Singh Law Firm.
Our attorneys focus on estate planning and are happy to provide individualized strategies and recommendations for all our clients.
Get your questions answered and find all the personalized attention you need. Start the estate planning process today by reaching out to the team at Singh Law Firm.