Posted in Wisconsin Workers Compensation Related News
A living trust is a tool used to plan your estate while you are still alive. This can help avoid the expenses associated with probate after you pass since you will leave detailed instructions regarding how you would like your assets to be distributed. Many people also choose to create living trusts to lessen the tax burden and for privacy reasons.
Do You Need an Attorney?
Certain elements must be included when it comes to creating a living trust. This includes:
- The name of the maker of the trust. This person is also known as the trustor, grantor, or settler.
- The name of the person who will be managing the trust. This person is known as the trustee and is usually yourself while you are still alive.
- The name of the person who will manage the trust after you pass away. This person is known as the successor trustee.
- The name of the people or organizations that you will leave your assets to. These are known as your beneficiaries.
Generally speaking, as long as your living trust has all these elements covered, you’ll be able to create the trust yourself. However, there are many advantages to hiring a will lawyer in Roseville, CA to help you with the documents. It can be very helpful to have someone who is well versed in the law advise you on the correct way to set things up so that your assets are distributed correctly later on.
What If Your Estate is Complex?
If you have a large number of beneficiaries or assets, you might want to consider hiring a living trust lawyer. If your plan includes any of the following, the will be able to help assist you:
- Skipping generations
- Help to transfer your assets to the trust
- Conditions for beneficiaries to receive assets
- Life insurance policies with large payouts
- Beneficiaries who receive government assistance or have special needs
If you have a complex estate and you are interested in creating a living trust, the first thing you might consider is doing a bit of research. This can help you understand the basic laws surround your estate situation and help you determine if you need the assistance of a lawyer, or if you can complete the documents yourself.
It’s always a good idea to take care of your final affairs while you still can. There’s nothing worse than putting it off until it’s too late and leaving your family in a tough situation afterward. As the saying goes, it’s better to be safe than sorry.
Thanks to the Yee Law Group for their insight into estate planning and how an attorney can help with a living will.
