Planning for the future can be made easy with the help of the right lawyer. Most people are only aware of the Last Will and Testament and use it as their primary option for estate planning. However, there is another option – a living trust – that they can also consider.
A trust agreement can be standalone or it may also be done in addition to a Will in order to allocate their assets after death. A trust entrusts a person, the Trustee, to manage this property for the beneficiaries of the trust. In the event of the death of the Settlor, or the person who created the trust, the assets can be either immediately distributed or may be done so in staggered amounts over a specific amount of time. But beyond just distributing property after death, a trust may also be used for a number of other purposes, like incapacity or special needs planning, charitable gifting, and asset protection. This ensures that assets are well taken care of due to the responsible handling of the Trustee.
Two Categories Of Trusts
Compared to wills, trusts are not just used for planning for death. Testamentary trusts, the first category, are normally only activated after the Settlor’s death. On the other hand, the second type, a living trust, may be activated the second the ink dries but may also be valid only after death.
Living trusts can also be divided further into two kinds: revocable and irrevocable. The first type, revocable, may be amended, changed, and even revoked by the Settlor anytime for no reason at all. An irrevocable one is then the opposite, meaning it is final and can no longer be modified. However, because a testamentary trust is normally activated by some provision in the will of the Settlor, it means it is more or less revocable until the Settlor passes away, and from this point on it is irrevocable.
Why Do You Need A Living Trust Lawyer?
Preparing a will or a living trust is important to secure your family and all that you have worked hard to build. When you pass away, you want to know that they are financially stable and that they are able to gain access to all your assets for whatever they need in their lives, especially if you are the breadwinner.
While some people claim it is possible to prepare such documents on your own, it is always best to consult a living trust attorney Los Angeles. They have the knowledge and the expertise to help people like you plan for the future. In such documents, a wrong word or even a different formulation makes a difference.
Here are some reasons why you can benefit from the help of a living trust lawyer.
Deciding On A Type Of Trust
Depending on your purpose and needs, a specific type of living trust might be better. You will benefit from having an expert listen to your requirements and advise you on which one to take. He will also answer all possible questions you have and clarify any misunderstandings.
Creating A Living Trust
Simply downloading a trust agreement increases the chances of your trust failing. This is even more so if you are not familiar with the terms used in the document. A living trust lawyer will help you formulate the document and will explain to you the terminologies so that it is most appropriately worded. You will come home knowing exactly what it stated in the document and how it will be implemented especially when you are no longer there.
Administering The Trust
Those who were named trustees will benefit from the support of a lawyer in managing the trust in the best way possible, meeting everyone’s best interests.
Contesting A Living Trust
Much like with a will, you can also contest a trust agreement. If you believe that it is invalid under the acceptable grounds like the Settlor not being of sound mind during the execution of the agreement, you may be able to contest the document. It is, however, a complicated process that requires the help of a lawyer.
You should never take the easy road when it comes to planning your and your family’s financial future, especially to secure what you have built in your life. A living trust allows someone to manage what you leave behind and if you want it to be executed without a hitch or problem, then turn to a living trust lawyer now to ask for his help.