As you consider your estate planning needs, you’ll be faced with a couple of immediate questions. The first question is, can you handle your estate planning needs on your own, or should you hire a pro? And the second question is, if you do hire a pro, what kind of lawyer should you hire? Specifically, what’s the distinction between living trust and will lawyers?
These are both important questions that can have a decisive impact on whether your estate plan ultimately helps you achieve your desired outcomes. Let’s look at each of them more closely.
Do You Need to Hire a Will or Living Trust Attorney?
First of all, do you really need to hire an attorney at all? Or is it okay to handle estate planning on a DIY level?
There are certainly some basic estate planning tasks that you can handle on your own, including the development of a will. But, as you’ll soon see, a will alone may be insufficient for meeting your estate planning goals. Furthermore, even with these relatively simple documents, a single error can invalidate your entire estate.
For those who require more sophisticated estate planning documents, and even for those who just want to get the basics right, hiring a will or living trust lawyer is typically best.
Is a Will Sufficient?
The next question is, will you be alright simply hiring an attorney who specializes in wills? Or do you need an advanced estate planning lawyer who can help you put together a revocable living trust?
A will is a legal document that allows you to specify how your assets will be distributed when you die… basically, a way for you to answer the who gets what question. Additionally, you can use your will to specify who you wish to serve as a guardian for your minor children.
However, a will alone is seldom good enough for a truly robust estate plan. That’s because with a will, you run the risk that your estate enters probate, which can be time-consuming and costly and potentially lead to your wishes being violated.
For this reason, it is often preferable to augment your will with a revocable living trust. And to do this, you’ll need to summon the expertise of a living trust attorney.
The Benefits of Hiring a Living Trust Lawyer
Basically, a living trust will allow you to have greater control over how your assets are managed. Generally, a trust will help keep your assets out of probate. What this means is:
- You can ensure that your assets are distributed the way you want them to be.
- You can minimize hassle and headaches for your heirs and beneficiaries.
- You can maintain the confidentiality of your estate.
- You can maximize the value of your estate.
- You can choose a trustee to help manage your assets in a way that benefits your heirs.
These are just a few of the reasons why it may be smart to work with a wills and estate lawyer, specifically someone who has ample expertise developing trusts.
Connect with Singh Law Firm
As you seek an attorney with sophisticated knowledge of the estate planning process, consider Singh Law Firm. Whether you’re looking to draft a last will and testament or to develop a financial power of attorney, our living trust and will lawyers can assist you. And, we can certainly answer your questions about the pros and cons of having a trust.
Ready to talk with one of our estate planning lawyers? Schedule a consultation with an attorney from Singh Law Firm at your next opportunity.
Reach out to Singh Law Firm to learn more.