What Can A Trust Attorney Do For You?

Are you currently thinking about your estate planning needs? If so, you will definitely want to work with a trust attorney to handle things for you. They can provide you with the following assistance that you may not be aware of.

Trust Selection

There are multiple types of trusts that you can use to set up your estate plan. If you're unaware of what all the differences are, a trust attorney can help explain the various advantages and disadvantages of each. For example, you may be undecided about if a revocable or irrevocable trust is best and need to learn about how each one protects your assets in different ways. Your personal needs may be focused on avoiding probate or avoiding inheritance taxes.

Document Drafting

Once you decide on the type of estate plan that you want, a trust attorney will draft all of the necessary documents for you so that it is properly set up. They'll draft the trust agreement, which is what defines what is in the trust and how it is managed. You may also want to have a pour-over will, which covers all assets not in the trust by transferring them to the trust upon your death.

Funding Assistance

You'll need to fund the trust once all of the documents are in place. This is much more complicated than it seems since there is a lot of work involved to transfer real estate, investments, and bank accounts to a trust. Your trust attorney is going to ensure that everything is set up properly so that your trust is funded with the assets that need to go into it.

Tax Advice 

There will be tax implications when creating a trust, and a trust attorney will help you understand all of it. This includes how gift taxes, estate taxes, and income taxes will impact your heirs. You'll want to get advice on how to minimize the tax liability so that you are actually passing on an inheritance and not unnecessary bills. 

Court Representation

If there is a problem where someone challenges your trust, know that your trust attorney can help with representation in court to handle the legal dispute. Since they are familiar with the trust and how it is set up, they will be the most knowledgeable person on the matter. It can give you some peace of mind that everything will go smoothly if a dispute happens. 

Contact a trust attorney for more information.