5 Reasons Why You Need to Hire a Trust Attorney
When a person begins the process of estate planning, they run into several unfamiliar terms and complex descriptions. One of those could be the recommendation of creating a living trust instead of simply writing a will.
If you are considering a living trust for your estate, you should also consider hiring a living trust attorney in India or someone who is well-versed in how to set up a living trust legally and appropriately.
What is a living trust?
A living trust is a legal document wherein you assign an individual (trustee) to manage funds in a trust account; the trustee manages these funds while you are still living, with the intention that the funds will eventually pass to a beneficiary, upon your death.
A living trust can be divided into two kinds:
- Revocable: You can amend, change and even revoke the trust anytime for any or no reason at all.
- Irrevocable: This is the opposite of Revocable living trust, meaning the trust can’t be modified once it has been signed and created.
Creating a living trust is a complicated process. However, when created with the help of a trust attorney, it can prove to be very beneficial. Here are some of the reasons why you need to hire a trust attorney.
- Create a legally enforceable document
Educating yourself about the different aspects of estate planning is a great step in deciding your future. But it is unlikely that you will be able to create a perfect, legally enforceable living trust for yourself. That is why you need an experienced and reliable trust attorney.
- Lower emotional stress
After your death, you wouldn’t want your family to be left wondering what your desires were for the estate or having to go through the complex and hectic process of probate court.
However, with the help of trust attorney in India, you can do proper estate planning in advance and this can significantly lower the emotional stress.
- Reduce Estate taxes for the family
After your death, your living trust will direct your family how to settle your estate. One of the many advantages of a living trust is that it can help to reduce the estate taxes that must be paid by your family when they settle your estate.
When creating a living trust, a professional trust attorney will ensure that any potential estate taxes are addressed and ideally avoided.
- Maintain Privacy
Going to probate court means that you’ll need the help of a lawyer which is quite expensive in Nevada. The process is time-consuming and hectic, and all of your assets become part of the public record.
If you’re looking to maintain your privacy and not allow the value of your assets or your family drama to become part of the public record, an experienced trust attorney can help you do that.
- Assist in choosing revocable and irrevocable
When you create a living trust with the assistance of a trust attorney, you must decide if you’re going to create a revocable or irrevocable living trust. The trust attorney in Reno has a lot of experience and understanding of the intricacies of living trust documents and can help guide you to the right decisions based on your situation.