What Does a Trust Attorney Do: A Guide

A trust attorney helps with inheritance, trust matters, and estate planning, ensuring legal compliance and protection against potential issues.

They’re crucial for setting up trusts to avoid legal complications.

What Does a Trust Attorney Do
What Does a Trust Attorney Do. Source (Indeed)

What is a Trust Attorney?

A trust lawyer creates trusts for property transfer, helping you avoid probate.

They handle trust setup and paperwork.

They can also assist trustees in managing trusts, including serving as impartial trustees for complex estates.

What Does a Trust Attorney Do?

A trust attorney isn’t just a trustworthy lawyer; they help create trusts for estate planning.

Trusts avoid probate, offer privacy, and can reduce estate taxes, benefiting those with large estates.

While trusts can be complex, a trust attorney tailors them to your unique situation, addressing beneficiaries’ needs and wealth protection.

They also explain various trust types like revocable, irrevocable, credit shelter, charitable remainder, and generation-skipping trusts.

Do You Need a Trust Attorney?

Anyone considering a trust can benefit from a trusts lawyer.

Common reasons for trusts include reducing estate taxes, avoiding probate, and controlling inheritance timing.

Trusts are ideal for passing assets but not for naming guardians or specifying last wishes (use a will for that).

A trusts lawyer can help you choose the right legal document for your needs, ensuring your assets go where you want, even in legal disputes.

Irrevocable vs. Revocable Trusts

Trusts come in two main types: irrevocable and revocable, each with pros and cons. Consulting a trusts lawyer is crucial to determine the appropriate trust type for your needs.

Irrevocable Trusts

With an irrevocable trust, you create it, relinquish control, and can’t reverse it or manage assets as the trustee. This helps avoid estate taxes because the assets no longer belong to the grantor.

Revocable Trusts

A revocable living trust allows changes at any time, even revoking it.

It helps plan for mental disability with successor management. However, assets remain personal property, subject to creditors and estate taxes.

No protection against lawsuits, and Medicaid planning considers them.

Upon the grantor’s death, it becomes irrevocable, but you can create separate irrevocable trusts for beneficiaries.

Trusts Administration

A trust attorney can help a fiduciary, whether an individual or professional, with comprehensive trust administration after your passing, which encompasses:

Tasks of a trust attorney include:

  • Notifying beneficiaries and government entities
  • Managing the trust estate (assessing property, settling debts, reporting finances)
  • Distributing assets
  • Ensuring legal compliance
  • Handling trust-related litigation if disputes arise.

Planning property and asset transfer to loved ones involves tough choices.

An experienced trusts lawyer helps create a legal agreement that honors your wishes and safeguards assets and beneficiaries.