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Do I Need a Living Trust Lawyer?

Do I Need a Living Trust Lawyer?

Geoff Williams   Thu, February 2, 2023

If you plan to create a living trust or already have one, you may wonder if you need a living trust lawyer. The short answer is that you don't. But just because you don't technically need an attorney to put together your trust doesn't mean you shouldn't hire one. Living trusts can be complicated and if you worry about your own ability to create a trust, you may want to hire a living trust lawyer who you can consult with. Living trust lawyers can help your trustee distribute assets after your death, keep your information private and avoid probate. You may also want to work with a financial advisor who can help you create the right estate plan.

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When Do You Need a Living Trust Attorney?

Everyone will feel differently about how much their net worth should be before they need a living trust attorney. Certainly, there are no hard and fast rules on when you should hire one. But you should strongly consider enlisting the help of a living trust attorney if:

Passing on Assets: If you have a lot of assets that you want to pass on to family members. If you have more than $100,000, for instance, you may want to enlist the services of a living trust lawyer. Perhaps not, however, if your financial portfolio isn't complicated and your will states that one or two family members will get your money.

Special Trust Conditions: If you have certain conditions attached to the trust then it might be right to hire a lawyer. For instance, if you want your money to go to some key family members but not others, such as your grandchildren instead of your kids or you only want the assets to go to a beneficiary if they meet certain conditions that you have set up. (In fact, if you give money to your grandchildren instead of your kids, you may want your attorney to set up what is called a generation-skipping trust.)

Tax Liability: If you are going to owe federal estate tax. The federal estate tax exemption for 2023 is $12.92 million. If your estate is larger than that, you will owe estate taxes. That said, even if you have an estate worth less than $12.92 million, you would likely want to hire a living trust attorney.

Unique Beneficiary Situation: If one or more beneficiaries have a unique situation then it can be another reason to use an attorney. For instance, if one or multiple beneficiaries has special needs or is receiving assistance from the federal government, a living trust attorney could be very helpful. You don't want to risk setting something up yourself only for your beneficiary to someday learn that you did it wrong.

For Peace of Mind: If you simply have a complicated estate and are overwhelmed by the idea of setting up a trust.

In short, the more complex your estate is and if you have a lot of wealth to give away and perhaps property as well, the more of an argument you have for hiring a living trust lawyer.

Should I Make My Living Trust Lawyer the Trustee?

To continue reading, please go to the original article here:

https://www.yahoo.com/finance/news/living-trust-lawyer-140008680.html

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