Estate PlanningFamily Law

Trust Attorney vs. Estate Planner: What’s the Difference?

Trust Attorney vs. Estate Planner: What’s the Difference?

When it comes to planning for the future, especially regarding your assets and loved ones, you’ve probably had to deal with two professionals: a trust attorney and an estate planner. Both professionals play major roles in managing your estate however they focus on different aspects. 

When you understand the differences in their roles, you can be able to decide who you need or if you need both to ensure your plans are carried out successfully. This article will explain everything you need to know about the difference between an estate planner and a trust attorney. Read on.

group of attorneys having a meeting

What Does a Trust Attorney Do?

A trust attorney is a lawyer who specializes in creating and managing trusts. Trusts are legal arrangements that allow you to transfer assets to beneficiaries under specific conditions. For instance, you might want your kids to inherit your wealth but only after they turn 25 or graduate college. This is where a trust attorney comes in. But beyond creating trusts, there are other things a trust attorney can do, including:

  • Providing legal advice 

They guide you through the legal requirements of creating and managing trusts. 

  • Minimize taxes

They can help reduce estate taxes and costs by helping you structure your trust properly.

  • Protect assets

Trust attorneys can create trusts that protect your assets from creditors or lawsuits.

In summary, a trust attorney focuses on the legal aspects of safeguarding your assets and ensuring they’re shared and distributed among your beneficiaries according to your wishes.

What Does an Estate Planner Do?

An estate planner however does a lot for your estate. Estate planning involves preparing for the distribution of your entire estate, which includes your financial assets, property, investments and personal items. Estate planners double as financial advisors, accountants and legal professionals who work with you to create the best plan for managing your assets when you’re alive and after your death.

Do You Need Both?

Depending on your circumstances, you might benefit from both a trust attorney and an estate planner. If your primary goal is setting up a trust to distribute your assets under specific conditions, a trust attorney is your go-to professional. However, if you want to manage your estate, including your investments and properties, an estate planner can be of more help to you.

And when the situation is complex, you may have to work with both professionals. An estate planner may lay down the strategy to work with while a trust attorney handles the legal execution.

group of estate planners

Conclusion 

Choosing between a trust attorney and an estate planner depends on what you’re looking for. If you’re looking for specific legal protection for your estate, you can work with a trust attorney. If you want guidance on financial and estate management, you can consider working with an estate planner. However, you can combine the expertise of both professionals for the best results and to ensure your legacy is secure and your loved ones are cared for.