In some situations, it is assumed that as long as a person has a will their estate plans are secure. Unfortunately, this is not always the case. For anyone who wants to ensure their estate plan occurs without being stuck in probate court, having a will alone is not sufficient. This is why it is a good idea to hire Wills and trust lawyers. Keep reading to learn more about living trusts, the benefits it offers, and why having an attorney is best.
What Are Living Trusts?
A living trust is a legal document that appoints a specific person to manage another individual’s assets. The goal is for the assets to be passed to a beneficiary. The living trust is designed to help someone bypass all the complexities related to going through probate court. There are all types of living trusts, including irrevocable and revocable. Talking to an attorney will help ensure the right type of living trust is put in place.
What Benefits Do Living Trusts Offer?
Another important topic to discuss is what the benefits of having a living trust in the estate plan are. With a living trust, it is possible to avoid probate, which will help a person’s beneficiaries save quite a bit of time and hassle. They are also useful when it comes to reducing the tax burden and helping individuals maintain privacy. These are just a few of the reasons that hiring an attorney for help with this is so important.
Who Needs a Living Trust?
It is clear that living trusts have some advantages. While this is the case, many people wonder if everyone needs this as part of their estate plan. Most people are reluctant to say that anything is essential for an estate plan, as estate planning is not a one-size-fits-all solution. With that in mind, if someone wants to preserve some level of privacy and doesn’t have any other options for avoiding probate, a living trust will make a lot of sense.
What to Know About Working with a Living Trust and Will Attorney
Even though the creation of a living trust is somewhat of a straightforward process, there are still benefits offered by hiring an attorney. The attorney will ensure that the living trust is set up properly and will work with the other documents in the estate plan. It will also help ensure a person is on the right path to help minimize taxes and avoid situations where probate is necessary.
It does not matter if someone needs a living will, power of attorney, trust, or any of these things, an estate planning lawyer is going to help make sure the person’s legacy is intact and minimizes the hassle for beneficiaries and heirs.
Finding the Right Attorney
When it comes to creating estate documents, there are more than a few factors to keep in mind. Keep this information in mind to achieve the desired results for the situation. Being informed is the best way to meet the goals of the situation.