You can rely on the service of a trust attorney if you want to leave your possessions or estate to your loved ones, and want to save them from going through the probate process. Keep reading to learn how an attorney does this.
What Does A Trust Attorney Do?
This type of attorney will help set up a trust of your estate on your behalf. The attorney, also known as an estate-planning attorney, is responsible for helping set up an estate.
Trust Attorney Work Explained
This type of attorney is someone you hire to provide relevant legal help, including paperwork, to set up a trust of your estate to the person or organisation you name as your trustee.A trustee is a third-party, person, or organisation you name to benefit from or be in charge of managing the trust of your estate. For instance, you can name your child, wife, lawyer, law firm, or any other third party as your trustee.
Other than helping you set up a trust, an attorney can also guide you through the process of maintaining, administering, and executing the trust, among many other estate planning functions. Before you set up a trust, you need an attorney to help you understand the types of trust.
Types Of Trusts
There are several types of trusts, but all of them are an account, estate, managed by a person or organisation legally appointed for the benefit of a third party. The two most common types of trusts are:
- Living trusts
- Testamentary trusts
These two trusts can also be classified as revocable or irrevocable.
In general, living trusts are those created while the grantor (you) is still alive by transferring the estate to a trustee. The grantor often remains in control of the trust and can be changed at any time at the grantor’s wish. But once the grantor dies, this type of trust becomes irrevocable, and no one will no longer be able to change it.
Testamentary trusts are also called trusts under will. This trust is created by a will after a grantor’s death to preserve assets or estate for children from a previous marriage. This helps to ensure financial security for a surviving spouse, children, looking after beneficiaries with special needs or giving to charity.
When Do I Need An Attorney?
You need an attorney when you’re creating or revising a trust for your estate. How do you know you need a lawyer?
- To make sure your trust is valid and legally binding
- To help you name a trustee through legal advice
- If your estate is large and complex, you need an attorney to help you with the paperwork and essential legal basics
- If you wish to ensure that your trustee is trustworthy and impartial
- When you don’t want your family or loved ones to go through probate
- If you want to dictate when your family or beneficiaries will receive their part of the trust
- When you don’t want to name your child’s guardian or specify your wishes, in this case, you’ll create a will as an alternative
Find An Attorney Near Me
Don’t put off your estate planning for the future. You can find an attorney now to help you plan your estate and give you peace of mind.
We believe you now understand what an attorney does. Are you convinced you need a lawyer? We hope you do. Also, if you need more legal advice, check out our blog more often.