Roles and Responsibility of a Trust Attorney
Posted by smith clea on February 10th, 2020
Depending on your circumstances, a trust attorney will help you set up a revocable living trust or irrevocable living trust. If you hire a trust attorney, he will provide required and relevant legal advice on how to set up your trust and how to legally name your trustee, successor trustee, and beneficiaries within the document.
A trustee is a person who is in charge of managing the trust. In general, this is usually the creator of the trust while they are still living. Typically, the creator of the trust names a successor trustee who will take over management of the trust once the creator dies. The successor trustee is usually a spouse or a close relative.
If you want to make your trust an impartial third-party, you can appoint a lawyer as your trustee as well. This can be useful, if you have a specific need or a unique situation. For example, if you have a very large or complex estate.
What is the Advantage of Working with a Trust Attorney ?
Creating a trust ensures that your valuables are distributed the way you intend after you die. One of the main benefits of a living trust is that it helps your family avoid long and costly battles in probate court just to receive and distribute your assets. Furthermore, in certain circumstances it can help minimize estate taxes. By using the services of a trust attorney, you can ensure that your assets will be properly placed into the trust for future distribution and that your trust will be legally binding once it is complete. Working with a trust attorney also helps reduce the likelihood that the trust will be challenged after you die.
Before making a decision to create a trust, it is a good idea to understand the difference between a trust and a will. You should also consider average cost of a will and a trust.
Difference between a Trust and a Will?
A trust avoids the need to go to probate court to distribute your assets. A will on the other hand requires your family to go through probate court in order to get your assets. Probate can be time consuming and can potentially cost a lot of money and heartache if someone challenges your will. Probate is also public, which means that your assets are made public. Because a trust avoids probate, all of your assets remain private and the distribution of your assets to your beneficiaries also remains private.
On the surface, the price of a will may sometimes seem lower than a trust. But the cost of a will may escalate several times when you die. Why? Because a will does not avoid probate court. The costs and legal fees associated with probate court are often times much larger than the cost of creating a living trust.
A trust takes effect as soon as you create it, a will on the other hand comes in to effect after you die.
Your wishes are private when you create a trust. But with a will, all the information is public.
Due to the complexity of will, trust, estate, and probate law, it is best to consult with a trained and qualified trust attorney when you are considering creating a trust. A trust lawyer can ensure that your trust is created legally binding to avoid legal problems in the future
Hire a Trust Attorney? consult Rochester law center
About the Authorsmith clea
Joined: February 6th, 2020
Articles Posted: 30
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