Estate planning law is the body of laws that regulates the process in which one can transfer their assets to another person or to a group of people while one is still alive. There are various asset transfer procedures used, one of the most frequently used methods being the creation of a trust. The process involves the setting up of a living fund and the transfer of titles of the assets included in the trust documentation with the aim of allowing trustees to avoid the probate process and to preserve the value of the estate as much possible. Creating and handling trusts requires highly specialized knowledge of the applicable laws as well as of the procedure to be followed when drawing up the trust documentation, so if you are considering setting up such a living fund to transfer your assets, here are some benefits of working with an experienced estate planning lawyer.
Why Hire an Attorney Specializing in Estate Planning Law to Set Up Your Living Trust for You?
Many people choose to handle the process of setting up and managing their living trust on their own, but there are many downsides to this method. Though doing all yourself might save you the money you would otherwise pay in lawyer’s fees, you might not be sufficiently familiar with all the legal implications of setting up your own trust and you might not be aware of the content and form-related requirements of trust documentations.
If you hire an experienced and responsible lawyer for your trust, on the other hand, you can benefit from guidance throughout the process and you can be sure that the documents drawn up by the expert by your side will hold up even in front of a court. This is especially true for complicated family circumstances and for complex documentations in which every detail matters.
Another advantage of working with an estate planning attorney is that your trust lawyer can efficiently make the necessary adjustments to your living trust, should your circumstances or goals change in the future or if the laws in your state change.
Finding an Estate Planning Attorney
There are many different resources you can use to find a suitable lawyer:
- You can ask around among people you know, especially accountants, financial advisors and lawyers,
- You can turn to the referral service of the local bar association,
- You can carry out a simple research online to find estate planning lawyers in your area and then you can check the reputation of the attorneys you have found on review websites or professional forums.
Find at least two or three lawyers you consider right for your trust, then talk to each of them to find out about their experience and their general attitude. Ask your lawyer to explain to you everything you need to know about setting up and managing a living trust including the contents of the trust documentation, whether you are supposed to draft a living will as well and also ask about the management of your trust. Hire the lawyer that you consider the best in terms of experience, trustworthiness and helpfulness and you can rest assured your trust will be in the best hands.