Trust are often created in a person's lifetime in order to serve as a strategic way to avoid taxes and to manage wealth. They can therefore be extremely complex to manage, and although they are created to benefit the trustee, they can very easily go wrong.
This blog will give a brief overview on why it might be useful to hire a living trust lawyer that can give expertise and help you manage your living trust fund.
Trust fund lawyers can be reasonably priced, and the costs are highly likely to be recouped in the financial expertise and consequent actions you take because of the information received. Hiring a trust fund lawyer is likely to cost between $1,000 and $2,000.
Setting up your living trust
A living trust lawyer can help you to set up a trust. It can be possible to do this without a lawyer, but you may have very specific questions that need professional input. To start a living trust, you should start by defining the following:
- The trust creator - most likely, you.
- Choose a trustee who will manage the trust. This is most often the same as the creator of the trust.
- A secondary trustee that will take management of the trust in the event that the original trustee dies.
- The beneficiary - the person or people that will receive financial gains from the trust
Hiring the assistance of a trust fund lawyer
If you have any questions about setting up a trust fund, it could be useful to seek expert legal guidance that can give you the advice you require.
Source: Findlaw, "Do I need to hire a living trust lawyer?," accessed July 28, 2017