Estate planning isn’t always simple. While many individuals simply draft a last will and testament and assume their work is over, estate planning can actually be a lot more multi-step and multi-faceted. And often, it requires the expertise of a professional.
For example, many individuals can benefit from having a living trust in place… and to ensure that living trust is legally valid, it’s best to partner with a living trust attorney.
In this post, we’ll explain what a living trust is, and how it works. And we’ll highlight some of the primary benefits to hiring a will and trust attorney.
What is a Living Trust?
Before we get into the pros of hiring living trust and will lawyers, let’s define some of these terms.
Fundamentally, a living trust is a legal document that places all of your assets (which might include anything from real estate to investment portfolios) into a trust, intended to benefit you during your lifetime. A trust also helps to dictate how you would like those assets to be allocated or distributed upon your death.
Additionally, a living trust allows you to name someone to serve as your trustee; this person has the legal authority to manage and oversee your trust even if you become medically incapacitated somehow.
The Benefits of a Living Trust
There are a number of reasons why your living will trust power of attorney law firm might recommend that you put a living trust in place. The two main benefits are avoiding probate and ensuring privacy. Let’s consider these one at a time.
- While a will must go through probate court, a living trust can bypass this legal process; this can save your beneficiaries a lot of hassle and headache, and it can also help them avoid needless legal fees.
- When your assets go through probate, their contents are made public. A living trust allows you to avoid this, and thus helps you ensure that your estate remains a confidential matter.
These are two of the primary reasons why it might make sense to seek living trust and will lawyers to assist you in your estate planning.
Working with a Will Trust Attorney
While it is permissible to craft your own living trust, we’d generally recommend against this. Living trusts can be complicated documents, and the requirements can vary from one state to the next. And, if you make even a small mistake in your living trust, it might cause the trust or even your entire estate to be rendered legally invalid.
When you work with a living will trust power of attorney law firm, you get the advantage of real, localized legal expertise. In other words, you can ensure that your estate planning documents are all legally compliant within your home state. Additionally, a will trust attorney can work with you to ensure all of the documents in your estate plan work together seamlessly, in order to carry out your wishes and also shield you from onerous tax liabilities.
Finally, note that a will trust attorney can consult with you on a regular basis, ensuring that the terms of your estate plan are kept up to date as the law changes, as your family dynamics evolve, or as your assets ebb and flow.
Learn More About Living Trusts
Speak with a living trust lawyer who can help you make the best decisions for the future of your family. Reach out to us at any time.