What a Trust Lawyer Can Do for You
Setting up a trust is a necessary step in estate planning. A trust is a legal document you create to protect your assets and properties when you pass away. Among the valuable benefits you gain from a trust include:
Control over management of assets while you are alive
Ensure proper asset management if you become incapacitated
Control over who gets your money and properties when you die
Protect your legacy against undesirable claims from your creditors
Avoid or reduce estate tax or estate fees, especially on large estates
Avoid probate or court-supervised transfer of the estate to your beneficiaries
Maintain the privacy of finances and keep them from inclusion in the public record
Essential Steps of Trust Creation
While an experienced trust lawyer will be able to provide guidance to support the decisions you have to make during trust creation, you’ll still have some thinking to do. Many people stall at various points of trust creation because they are overwhelmed with deciding what type of trust they need, trying to choose the perfect person to name their successor trustee, or how to fund their trust.
Here are some of the essential steps and decisions a trust lawyer can help you make along the way:
Identify the type of trust you need. You can choose from the main types, like revocable or irrevocable trusts. Other trust types are asset-specific, like digital asset trusts, pet trusts, special needs trusts, etc.
Assign the main players of your trust. You are the trustor or grantor of your trust. You must identify your successor trustee who’ll manage your estate if you become incapacitated or when you die. Your beneficiaries are the individuals or organizations who’ll receive your estate when you die.
Make a list of your assets. Your estate includes all the money, real estate, and property rights you own that you want to transfer to your beneficiaries. Not all assets should go into a trust, so an experienced attorney can advise you on that.
Create the trust document. The trust document identifies the main players and all the rules and legalities of the trust. You may have ideas for these rules, but you always want to address these ideas with your trust lawyer. It is easy to overcomplicate your trust, resulting in difficulty for your loved ones later.
Fund your trust. Once you create a trust, all your assets must undergo a transfer of ownership. Create an account under your trust for your cash, stocks, mutual funds, real estate, etc. At Rilus Law, we provide an extra meeting with an attorney called the Trust Asset Coordination Session to guide you through the funding of your trust.
Store your trust. You don’t need to file your trust to any public office, but you must make copies for your trustee and beneficiaries. Keep your trust in secure yet accessible storage. Review and update your trust regularly to ensure all changes in your assets are included.
What Does a Trust Lawyer Do?
While hiring a trust lawyer is not required to create a trust, it is highly valuable due to the complexity of trusts. Every estate is unique, and an experienced attorney can provide the expertise for your specific needs.
Here’s a list of the things a trust and estate attorney can do for you:
Choose the right trust for you.
You can discuss your personal reasons for creating a trust with a lawyer. They can advise you based on their experience and background. Often, a general trust type is not ideal for all situations. Estate planning lawyers can help you choose whether you need revocable or irrevocable trusts. They can also recommend other trust types that may suit you better. Additionally, they can explain the pros and cons of these trusts for your current situation.
Help with estate taxes.
Large estates that are near the tax exemption limits often need an expert’s legal advice. A trust lawyer ensures your trust is set up with adequate funds for these taxes. They also help protect your beneficiaries from paying unfair taxes once they receive your estate.
Deal with complicated instructions.
If you include instructions and requirements for your beneficiaries regarding your estate, you need a trust lawyer to outline these instructions properly. Your heirs and other interested individuals can challenge your trust. A lawyer who knows the applicable laws help prepare against this possibility and acts on your behalf in case of trust litigation or lawsuit.
Help you with a special needs beneficiary.
If you have a child with special needs, providing them with an inheritance may keep them from receiving state and federal assistance. A lawyer can help you include them in your trust while retaining all the current and future benefits they receive from the government.
Set your mind at ease.
Having a law expert who understands your situation and has your interests at heart is often the main reason most people hire trust lawyers. Ultimately, you want your estate to be protected from all eventualities affecting its transfer to your beneficiaries. Your trust lawyer ensures your trust document and its rules and specifications are well-designed and accurate. They also help you defend your trust’s validity and assist in executing it while you’re alive and when you die.
Work with an Experienced Arizona Trust Lawyer
An estate planning attorney is necessary to save yourself from the tedious yet essential steps of estate planning. You need someone with years of experience and expertise in all areas of estate law in order to serve you better. Here at Rilus Law, we specialize in estate planning, probate, and trust administration. That means we have helped thousands of clients create trusts and administer estates. If you have questions on trusts and other estate planning documents, look no further. Give us a call today to schedule your free Personal Family Legal Session.