10 Tips for Choosing the Right Living Trust Attorney
Individuals with substantial assets should seek professional legal assistance to create an estate plan. An attorney can review a client’s situation, compile documents and assets, and draft a paper that meets that person’s needs.
Revocable living trusts may assist in managing assets during one’s lifetime, avoiding probate, and helping beneficiaries evade estate taxes. However, it’s important to understand that a trust may not protect all assets.
Experience
An experienced living trust attorney in Los Angeles, will know state-specific laws related to estate planning and can help you develop a plan that meets your goals. They’ll also determine how to transfer assets and keep records. They’ll also help you choose between revocable and irrevocable trusts.
They can help you avoid the probate process. This court-managed process appraises a deceased person’s estate and transfers it to their beneficiaries. A trust allows you to avoid this time-consuming and expensive process. They’ll also help you find a trustworthy trustee for your estate.
Fees
Creating a living trust can help you avoid the probate process for your assets after you pass away. It also reduces estate taxes. However, these benefits come with some costs.
Beware companies promoting living trusts through high-pressure in-home sales pitches or after seminar attendance. Their recommendations may be biased. They also may use financial information customers disclose to sell investment products like annuities.
Reputation
A living trust is one of the most important tools in an estate plan. It can save time and money and protect privacy. Probate, a court-supervised legal process that validates a will and settles debts and taxes after death, can be avoided with this.
However, a living trust may only be appropriate for some. It can be expensive and depends on the type of assets included in the faith. Transferring property to a living trust may also impact your ability to refinance or obtain home equity loans.
Personality
A trustee can be personally liable for any action they take or fail to take. For example, if a son claims that his sister stole money from the trust and breached her fiduciary duty, it can easily lead to a lawsuit in Probate Court.
A living trust attorney should be dedicated to clients and readily available for questions or concerns. An uncommitted lawyer could miss important issues that can have serious consequences. They should also be able to communicate with you in a professional and friendly manner.
Reliability
Your living trust attorney should be reliable. Trusts are legal documents but also deal with people, especially family members. Beneficiaries (the people who inherit) can sue trustees for mismanagement.
For example, if a brother discovers that his sister borrowed $100K from the trust and didn’t repay it within a month, he may be able to sue her in probate court.
Trustees are personally liable for their actions and inactions. Inaction can be as bad as theft. Trustee-related lawsuits are common. They can be expensive. They can delay estate settlement.
Communication
Choosing the right living trust attorney will depend on your unique situation. To start, consult your network of friends and family to find out who they recommend.
A living trust is a legal document that can transfer assets to beneficiaries after death without going through probate.
A trust can also provide more control over your assets, allowing you to set conditions that dictate when beneficiaries can receive their inheritance. It can help ensure that beneficiaries spend their heritage responsibly and responsibly.
Flexibility
An estate planning attorney can assist you in selecting between a living trust and a will based on your specific requirements. They can also ensure that your assets are distributed according to your wishes.
The flexibility of living trusts allows for amendments and revisions throughout your lifetime. This flexibility makes it easy to address changes in family dynamics and other circumstances.
This flexibility can be beneficial in cases of incapacity, as it eliminates the need for a lengthy and costly court process. It can also help maintain privacy by avoiding public scrutiny of your estate.
Travel
Once you’ve packed your suitcase, stopped the mail, and watered the plants, it may be time to review (or create) your estate plan. It is recommended to seek the assistance of a knowledgeable lawyer to create or scan important documents before beginning a journey.
Many clients are putting more emphasis on gifting experiences to their heirs over material goods. An experienced attorney can help them establish a travel trust to facilitate this goal. This type of trust is more complicated than a simple will and requires legal guidance to set up properly. However, it can offer substantial benefits.
Insurance
It is a legal document that enables you to transfer your assets to your loved ones while protecting them from the probate process and estate taxes. To ensure that the process is done correctly, it is recommended that you seek the assistance of an experienced attorney who specializes in revocable living trusts.
For example, if you leave a deposit account to three beneficiaries, the NCUA insurance rules provide coverage equal to one grantor times three beneficiaries plus $100,000. A trusted attorney can determine the best way to structure a deposit account to obtain maximum coverage.
Communication
It is always best to have a frank discussion with your living trust attorney regarding your estate planning. A trust, will, or both can ensure your possessions and assets end up where you want them to.
A Living Trust is a fiduciary agreement between the trustee, the settlor or grantor, and the beneficiary. The trust avoids probate, a process by which the Surrogate validates a Will. It also offers protection from challenges that a Will may face.