If you have decided to plan your estate, you likely have two primary options to consider — create a living trust or draft a will. Most people today are choosing to create a living trust because it offers more benefits. For instance, it enables people to avoid paying estate taxes, avoid guardianship, and keep things private.
But as you set up this legal entity, you'll need to follow the proper procedures so your beneficiaries can get their assets as planned. The process of creating a living trust is complex, but hiring a will and trust attorney will make things easier and ensure your family doesn't deal with probate court stress. Here is how a will and trust law attorney can help.
They Will Ensure Your Living Trust Is Legal
The process involved in setting up and transferring your properties to a living trust is complicated, so if you don't understand the law or terms and conditions, the document won't be legally binding. Will and trust lawyers know everything about estate law and help you set up the trust and ensure it's lawfully compliant. The lawyer will also advise you on the most suitable strategy to reduce your tax burden. So, don't be tempted to DIY because your entire estate plan will be considered invalid if you make a minor mistake.
They Will Reduce Family Issues
One reason why living trusts are popular is that they allow people to pick their beneficiaries as desired and dictate how they should use the assets they allocate. This offers more control and ensures that those you give your assets to benefit fully. For example, you can opt to set the control to ensure your ex-spouse doesn't get your child's assets if you feel they don't deserve it. The same can be done if a spouse gets remarried once you pass on.
Since issues vary from one family to another, it's advisable to work with a will and trust attorney. The lawyer will listen to your concerns and then create a customized plan to avoid family drama. This way, you will be at peace knowing your instructions will be followed and no family dynamics will be disclosed.
They Will Protect Minors or Physically Challenged Family Members
If you have minors or disabled loved ones, you have to ensure their future is secured. This is done by outlining what they should get from your estate and then placing the funds or assets in a restrictive needs trust. A lawyer ensures all the provisions are followed to protect minors and disabled adults after you pass on.
So if you were planning to set up a living trust on your own, you should get a seasoned will and trust attorney instead. This way, you'll enjoy these benefits and safeguard the future of your loved ones.