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2 Important Documents A Living Trust Attorney Can Help You Draft
It’s a common misconception that all attorneys practice the same type of law. This couldn’t be further from the truth. Because the law is so complex, most lawyers will focus their practice in a limited number of areas.
Just like you wouldn’t go to the dentist if you were having a heart attack, you wouldn’t go to a DUI attorney to get an estate plan drafted. When selecting an attorney to provide you a service, you need to make sure that you are focusing your search in the right area of law.
When looking to get a living trust drafted, you need to find a trust lawyer who focuses their practice on will, trust, and estate law. Why? Because the value of your estate is on the line and this area of practice is very complex.
If a mistake is made during the drafting process, it could cost you much more than the cost of getting the document drafted. This is also one of the reasons why you shouldn’t attempt to draft and fund a trust yourself.
This article will go over 2 of the major documents a living trust attorney can help you draft to protect your assets and family. While this isn’t an exhaustive list, it’s a good start…
Revocable Living Trust
This type of trust is one of the most popular due to its flexibility and protection that it provides. When you draft a living trust, you are known as the grantor. As grantor, you also name yourself as trustee while you are still living.
As trustee, you manage the trust and all of its assets the same way you do now. If you want to sell assets that are in the trust, you can do so no problem. You will also name a successor trustee.
This is the person who will take over management of the trust if you die or become incapacitated. They are also the one who will be responsible for distributing your assets to the beneficiaries you named in the trust. Your beneficiaries are your heirs who will receive your belongings once you pass.
Often times these consist of your spouse, kids, loved ones – the people you are trying to protect by having a trust written in the first place. One of the major benefits of a living trust is that it avoids probate court. You can also change it at any time which gives you great flexibility. This differs from an irrevocable trust…
These are more restrictive than a living trust because it can’t be revoked or changed after it is created. The grantor of the trust transfers all ownership of their assets into the irrevocable trust and legally remove all of their rights to ownership of the assets in the trust.
When would someone need this type of trust? These are often used by families planning for a loved one with special needs. Also, some individuals set up an irrevocable trust to act as a tax or credit shield.
These trusts are very complicated. Most people find that they can achieve their goals with a revocable living trust instead. If you think you may need an irrevocable trust, it is best to speak with an experienced living trust attorney.
Will, trust, and estate law is very complex. As a result, you need an experienced attorney who focuses their practice on estate planning when you are looking to get a trust drafted.
A revocable living trust and an irrevocable trust are two important documents a trust attorney can help you draft. The revocable version of a trust is very popular because of the protection and flexibility it provides.
An irrevocable trust is used for special circumstance like planning for a family member with special needs. If you would like to set up a trust, contact an experienced living trust attorney for a consultation.
Author can be reached through rochesterlawcenter.com
Jim Turner is a USA based author of Legal issues related to estate planning, will & trust , business law and elder law .Jim Turner does his best writing on these topics that helps users to find the best solutions to their FAQ on estate planning , probate , living trust. Jim Turner also writes for Michigan families and businesses secure their futures in all matters of Wills, Trusts, Estate Planning, and Business Formation and was the estate plan Consultant for the several estate planning firm in Michigan. Rochester Law Center
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