You are not required to hire a lawyer. You can fill out available living trust forms free of charge and do the retitling of assets yourself. However, it can be confusing and cumbersome to do it yourself. Living trust attorneys, those with experience and qualifications, easily navigate the living trust process. Working with an estate planning lawyer, you get two benefits. First, you get accurate and relevant information to guide you. Second, you get a piece of mind that everything was done the way it should. The reason why you want to go through with a living trust is to make a plan for your assets and your loved ones at times when you can’t make decisions anymore, either because of incapacity or death. You don’t want to risk that goal by overlooking details. The presence of an estate planning lawyer ensures that your trust accomplishes its goal.
Living Trust FAQ
Generally, after your death, all property you owned -- including assets held in a living trust -- is subject to your lawful debts. For example, if your house is held in trust and passes to your children at your death, a creditor could demand that they pay the debt, up to the value of the house. Ownership of real estate is always a matter of public record, so creditors can always find out who inherited real estate. It can be more difficult for creditors to know who inherits other property, however (because a trust document, unlike a will, is not a matter of public record), and they may not bother tracking it down.
Both the Last Will & Living Trust specify how your assets are to be disposed after death, who the guardians of your children should be and who will inherit your pets. However, after an individual dies, his or her Last Will has to be “probated”before the assets can be divided as indicated in the Will. This process is costly and time consuming. It is not unheard of to spend over ten thousand dollars and six months probating a Will. This means that your family will not have immediate access to your assets after your death.
Generally superior to a will for transferring assets to heirs at death. Trusts avoid probate court proceedings needed to settle a will and often save the family time and expense in closing the estate. Together with the power of attorney, the living trust also helps avoid a court taking over control of your assets if you become disabled.
If you want the assurance of working with a highly-experienced attorney, one that high-end financial management firms retain to create trusts for their clients, and the certainty that your trust will truly contain all that is important to you and your family because you have discussed it with your attorney (all without spending a small fortune), you’ve come to the right place.
Living Trust Utah
"Of all the must-have documents, a revocable living trust is the most powerful, for, if set up correctly, it can take care of everything for you, both while you are alive and after your death."
Benefits of a Living Trust
Yes and no. A creditor who wins a lawsuit against you can go after the trust property just as if you still owned it in your own name if the trust is a revocable trust where you maintain control over the assets. An irrevocable trust in which you transfer assets that you no longer have access to or control over, like an Irrevocable Life Insurance Trust, does shield those assets from your personal creditors. Irrevocable trusts can also be established to distribute income to the Settlor while protecting the trust principal from creditors.
Online Living Trust: Creating Your Own Living Trust
After you have made the document itself, you must sign it in
front of a notary public and transfer your property into the trust. A good
self-help product will also help you through these critical steps. If the
property isn’t properly transferred into the trust, the property will go through
probate and it will not be distributed to the beneficiaries named in the trust.
Transferring some kinds of property into the trust is easy – you just attach a
list of the property to the trust. However, property with title documents –
such as real estate – must be retitled in the name of the trust. If you have any
questions about this, find a better self-help resource or see an attorney for
Make your Free Living Trust Amendment
You wish to change one or more provisions of the existing living trust due to events such as a change in marital status, the birth of a child, a move to another state (perhaps from a community property state to a non-community property state, or vice versa), a significant change in financial status, a change in the tax laws, or the death of a beneficiary.You wish to add or change beneficiaries.You wish to add or change the nomination of trustee, successor trustee, or alternate trust.You wish to modify conditions or restrictions on the distribution of income or principal from the trust, such as the age at which a child can receive a distribution.You wish to add or remove property from the trust and then amend the trust accordingly with regard to the beneficiary of that property.You wish to expand or delete trustee powers.
Another case that clearly calls for consideration of using a living trust is where your surviving family members are more distant relatives, such as cousins, especially if you have lost contact with those family members. In such a case, not only would the Executor named in your will (or the lawyer he or she hires) have to demonstrate “due diligence” to locate all family members, but if one or more of them cannot be located (or are unknown), then the Executor will have to obtain something called an “Order of Publication” and spend hundreds or thousands of dollars of the estate on one of those legal ads that no one ever reads to notify these people about their potential interest in the estate, regardless of whether or not you named them in your will. In addition, the Surrogate’s Court will have to appoint a lawyer as “Guardian ad Litem” to protect the interests of these people and to investigate whether the will is valid. All of these costs will come at the expense of your heirs, and this protracted process can substantially delay when anyone can expect to receive their inheritance.