If it is your intention to escape the stressful and expensive probate process, the best way you can do that is by creating a trust. While there are many estate document, living trust stands as one of the most important inclusion for a complete estate plan. A trust can simply be regard as a document used to transfer money or properties from one person to another so as to avoid estate taxes, stress, and most importantly, probate.
The revocable living trust, also known as a revocable trust or living trust, allows you hold assets more freely than an irrevocable trust. A trust attorney will advise you on what tool best satisfies your wishes. Living trust can covers three phases of one’s life: when you are alive and well, when you become mentally incapacitated and lastly after you die. Through a documented living trust, you can decide who handle you medical and financial decisions.
Naming a successor for your trust.
The role of the successor trustee is a very delicate one. You need someone who would advise you on the right trust formation as well as carry out your wishes over your estate. An estate planning lawyer is the best candidate to server as your successor trustee. With vast experience in estate laws and also state laws about trust formations; our estate lawyer would ensure that all your desires and wishes are implemented to the letter.
A trustee is needed for revocable trust.
A successor trustee usually take up responsibility of the assets placed in the trust when the trust creator dies or when physically or mentally incapable of managing their assets. When a trust is created, a successor is named to take up several roles to ensure the fulfilment of the trust. Quite different is the revocable trust in which the trust maker names his or herself as the trustee of the trust account.
The importance of a trust cannot be overemphasized. Including a trust in your estate document would give you several leverage. A trust allows you transfer assets outside probate, and even before death. Assets funded in a trust take assume the name of the trust; thus, trusts offer tax advantages by limiting the assets held in your name. Also, a trust cannot be contested or litigated.
Who should be the trustee in a living trust?
The difference between irrevocable and revocable trust is further experienced in the trustee named to manage the trust. For instance, when a couple decides to create a revocable trust, they could be stand for and name each other trustee, however, if an individual names himself as the trustee in the irrevocable trust, the purpose for which the trust is created would not be thoroughly implemented.
While some people use trust attorney and corporate trustee, other result to naming members of their family as a trustee. This could be a wrong move, as lot of problems can arise to this effect. It is expected that when naming a trustee, a professional capable of handling the complicated situation of estate plan and its implementation be selected. Contact a trust attorney lawyer near you for help.
Questions to ask your trust attorney
There are questions to ask your attorney in order to know to what extent their services would be and to as well build a lasting relationship. The questions include:
- Would you need a living trust or powers of attorney? What are the pros and cons of each?
- Would the lawyer execute the trust, etc. or would they only prepare the estate plan?
- Will the lawyer have you review every document drafted before establishing them? Keeping in touch would help you avoid misunderstandings and maintain clarity and consistency.
- When would they be available in case you have any pressing question or issue to discuss?
- Do they include disability and tax planning in their estate planning strategy?
- Would they help in reviewing and updating your estate plan particularly your living trust periodically?
Estate plans can be made to reflect and implement your mid, short and long term plans. However, you can speak with an estate lawyer to know suitable documents that would reflect these plans.
Since estate plans are made in preparation for any uncertain life occurrences, you need the right lawyers to ensure your desires and plans are duly implemented.
The living trust is an essential estate document. While other estate document such as last will may go through probate before it can be implemented, the living trust allows transfer of assets without any probate process.
Contact a trust attorney.
Estate plans are vital to protect your assets and loved ones from long probate process. There is no better time than now to make these plans. Contact a trust lawyer.