General Misconceptions About Working with a Trust Attorney
Many people choose to not work with a trust attorney because they assume working with one is complicated, unnecessary or not available for the not-so-wealthy. However, these misconceptions can prevent you from enjoying the benefits of working with a trust attorney such as ensuring your loved ones are provided for in the future.
This article will discuss the top five misconceptions about working with a trust attorney and set the record straight. Read on:
Top 5 Misconceptions
-
Trust Attorneys Are Only for the Wealthy
One of the biggest myths about trust attorneys is that they can only be afforded by millionaires. While it’s true that wealthy people often use trusts to manage their estates, trusts can benefit anyone who wishes to protect their assets, reduce taxes and provide for their family. For example, a trust can ensure that your children below the legal age receive financial support as they grow or protect your family home from creditors. Whether you have a large wealth or a modest home, a trust attorney can help you create a plan that suits your needs.
-
Creating a Trust Is Too Expensive
Another common concern is the cost of hiring a trust attorney. You’re indeed required to pay certain fees to create a trust, it’s also true that the cost of probate or legal disputes after your passing is higher. Without a trust, your loved ones could face costly court proceedings to settle your estate. A trust attorney helps you avoid these complications by establishing clear guidelines for distributing your assets. Think of it as an investment in peace of mind for both you and your family.
-
Trusts Are Only for Estate Planning
Most people assume that trusts are mainly for passing down wealth after death, but this isn’t the real truth. Trusts can also be of use to you while you’re alive. For instance, a living trust allows you to manage your assets while you’re alive and ensure their distribution in case you’re unable to do so yourself. Also, trusts can help you achieve other goals like supporting a charitable cause or sponsoring a loved one’s education. A trust attorney can show you how to use trusts to meet your needs.
-
You Don’t Need a Trust Attorney If You’ve Written a Will
Yes, a Will is an important part of estate planning, but it’s not always enough to protect your estate. A will alone requires your estate to go through probate, which can be time-consuming and costly. Trusts on the other hand bypass probate entirely and allow faster and more private distribution of your assets. Trust attorneys specialize in creating these legal documents to complement your will and protect your estate.
Conclusion
Working with a trust attorney is more than just creating documents, it’s about protecting your legacy and providing for the people you care about. Don’t let misconceptions prevent you from taking this important step. With the right trust attorney by your side, you can gain clarity, peace of mind and a customized plan that works for you. Trusts are for everyone who values control and security, not just the wealthy.