If you’re starting to put together your estate plan, you may be wondering if you need a trust attorney. The word trust comes from a Latin phrase – “in quo necessary”. It means “by one’s own self”. The idea behind a will and estate planning is that the power to make important decisions about the deceased person’s resources – money, bank accounts, IRA’s, and more – must be set aside for the benefit of all beneficiaries. This is why it’s important to find a qualified attorney to help you complete your will and estate planning.
The word trust attorney doesn’t refer to just a lawyer, though. An estate planning attorney is also an estate law professional who can assist you to draft the proper legal documents to establish a trust. He or she will explain to you what kinds of trusts are available and what their purposes are. They’ll also tell you about the differences between revocable and irrevocable trusts, as well as the differences between limited and full trusts. A trust attorney can even help you decide which tax strategies are best for your situation. (That’s another topic for another day.)
Because the distribution of funds from the trust assets to beneficiaries can easily become a contentious issue in the estate planning process, trust attorneys offer a third-party perspective. For example, when you’re dealing with trusts, there can be disputes over who has access to family financial affairs. In some cases, there may be disputes over who has access to the decedent’s real estate properties. Without a trust attorney on your side, you may find yourself defending yourself in family court or employing an expensive attorney who doesn’t know the law as well as you do.
There are several types of trusts. Some examples include revocable trusts, life insurance trusts, and treasure trusts. A revocable trust is a type of trust that allows you to change its terms at any time. Life insurance and treasure trusts generally must be established for specific periods of time, such as forever. Revocable trusts are less expensive to establish than others, but they may not provide as much protection to your beneficiaries.
If you’re involved in estate planning, you should have a trust attorney working on your case. They will help you establish a plan of action that ensures your wishes are fulfilled. When estate assets are distributed under the terms of a will, there is little reason for litigation. If you’ve already executed a legal will, then the state probate courts can grant you a temporary conservatorship to provide you with the protection you need while your estate is being settled. The same applies to all life insurance policies.
Even if you’re dealing with the probate process, you should still retain a trust attorney. He or she will be able to offer advice about estate planning and assist you with the forms you need to fill out. You may also need a lawyer for the purpose of making sure your personal information is protected. Personal data can include your social security number, birth dates, and other important information. If you don’t already have a lawyer, you should strongly consider hiring one today.
This article was written by Alla Tenina. Alla is a top estate planning attorney in Sherman Oaks, CA in Los Angeles California, and the founder of Tenina law. She has experience in bankruptcies, real estate planning, and complex tax matters. The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; the ABA and its members do not recommend or endorse the contents of the third-party sites.