Why You Need a Living Trust Attorney When Planning Your Estate
What would you do if you suddenly found yourself in a situation involving your estate and assets? Would you hire a probate lawyer or an estate planning attorney? It is difficult to hire a probate lawyer to represent you when you are already in the situation of dealing with probate. Estate planning attorneys can help you with making sure that your last wishes are fulfilled prior to your death and your family receives the financial support they need.
Living Trust Attorney
Some people have estate taxes and living trusts set up for their intended beneficiaries. Master Residence Life Trusts is another popular choice for the purpose of asset protection. However, these asset protection strategies can be complicated and even require a qualified tax practitioner to prepare your documents. That is why it is often a better idea to hire a living trust attorney. One who can explain the difference between a tax plan and a living trust, how each works and what you can expect from your attorney when you decide to move forward with a particular strategy.
The living trust document is really a contract between you and your intended beneficiary. It is like an insurance policy for your assets. When a person dies, the assets of the decedent are distributed according to the terms of the trust document. If you decide to remove some of your assets before you die, you can accomplish that by writing a living trust document and having a beneficiary sign the document. Then, upon your death, those assets are distributed according to the living trust document, which can be accomplished without the assistance of an attorney if you have made the proper arrangements prior to your death.
Types of living trusts
There are two basic types of living trusts: irrevocable and revocable. Irrevocable living trusts remain as they are; they are contracts between you and the beneficiary(ies). Revocable living trusts grant their beneficiaries’ access to and ownership of property, as well as the right to make decisions concerning the use of the property. If a revocable living trust is established, it must be maintained in the same manner as any other living trust. This means making sure that it is not canceled or dissolved.
Most people think that when they die, their properties to pass to their children, but that is not always the case. In some cases, like with the decedent’s home in New York, the property automatically passes to the trustee unless the testator requests that it be set aside. In that case, the heir can ask that the home be sold, use the money to pay off debts, or use the money to pay off mortgage payments. If the testator does not authorize either of those actions, then the court has the power to make the property cease-of-existence. If you are interested in selling a decedent’s real property in New York, your best bet is to get a living trust attorney to help you out.
Conclusion
Other situations require a living trust, such as when you change jobs or when your children move out of the house. For that reason, it is important to have a living trust attorney on your side at all times during the estate planning process. A living trust ensures that your final wishes are carried out, even if circumstances alter later. For that reason, a living trust attorney is a good investment for anyone who needs advice about their estate plan.
