Living Will Lawyer
Establishing a living trust protects your assets while you are alive and safeguards them after your death. One of the most significant benefits of a living trust is that it takes the place of probate, like a living will lawyer from a local law firm such as William B. Moore would advise. If you are considering making a trust, here are some things to consider.
Consulting A Lawyer
Creating a living trust is something that you can do on your own if you choose. There are a few different options, from online programs and websites that you can fill out online to books from the library that walk you through the steps. Though the document you create is legal, there are times when consulting a living will lawyer may be a good idea. Here are a few situations where a living will lawyer is beneficial.
- Your child has special needs or medical conditions.
- You have unique stipulations regarding the transfer of assets.
- You are confused by the online paperwork or don’t have the time to fill them out yourself.
- You are concerned about estate taxes.
Whether you use a living will lawyer or create the trust yourself, it takes some planning and preparation.
Deciding What To Include in the Trust
When creating a living trust, you need to decide what assets you want to include. Financial accounts and physical property are the two most popular things that you can put into a trust. You don’t need to put in everything you own, but items that cost a lot of money are an excellent place to start. Some other suggestions are:
- Savings accounts and stocks
- Life insurance
- Copyrights and patents
- Collectables and antiques
- Small businesses or LLCs
You can choose to include anything you want, and with a revocable living trust, you can make changes at any time.
Establishing the Beneficiaries
Once you have chosen what to include in the trust, you must decide who inherits the property. While children and other family members are common beneficiaries, you are in charge of your assets and who gets them. When you have made your initial selections, it’s also a safe idea to include backup beneficiaries. If children are beneficiaries of property, you need to select an adult to manage their property until the age you determine they can receive it.
Selecting a Trustee
Once you have decided on the beneficiaries, you need to choose who manages the trust. This can be a family member or any other person you trust. You should also select a contingent trustee to ensure the continuity of the trust.
Contact a living will lawyer if you’d like additional guidance when you’re ready to create a living trust.