A trust attorney performs different responsibilities when it comes to protecting your assets which makes them irreplaceable and important in estate planning. These legal experts specialize in setting up and managing trusts and prepare legal arrangements that ensure your money, property, or business is passed according to your wishes.
But what exactly does a trust attorney do, and who do they usually work with? Continue reading to learn more:
What Does a Trust Attorney Do?
A trust attorney helps you create, revise and manage your trust as part of your estate plan. They make sure everything is legally inclined and in compliance with state and federal laws. But they do more than that, they also:
- Draft and update trust documents
- Provide advise on tax-saving strategies
- Help avoid probate (the court process of validating a will)
- Represent clients in trust disputes
- Guide trustees on how to distribute assets properly
Trust attorneys help to demystify the myth that estate planning process is complex and difficult, and they make it easier and more secure. In fact, many trust attorneys also handle their own estate planning, which speaks to how essential and trusted their role is when navigating personal and client legacy decisions.
Top 5 Types of Clients Trust Attorneys Represent
Below is a list of the five main types of people who benefits from hiring a trust attorney. This is not to say others outside this list are not eligible to work with a trust attorney, these are just the major ones. Let’s move on:
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High-Net-Worth individuals
People with many and expensive assets mostly use trusts to manage their wealth, reduce estate taxes and keep things private. Working with a trust attorney helps them navigate complex and advanced trust strategies like irrevocable trusts.
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Parents with Minor Children
Many parents want to ensure their children are protected financially when they pass on. Trust attorneys help them set up provisions and trust, so that the kids are cared for both emotionally and financially.
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Elderly Clients
Older adults often need to be guided on long-term care, medical directives and how to transfer assets without having to go to court. Trust attorneys help them plan ahead to avoid probate and ease the burden on family members during emotional times.
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Business Owners
Business owners employ the services of trust attorneys to protect their business interests. Whether it’s planning for succession, separating personal and business assets or minimizing liability, trust attorneys can help you secure the future of your company.
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Charitable Donors
Those who are passionate about giving back to society mostly use trusts to support their cause. When they work with a trust attorney, they can create charitable trusts that offer tax advantages while allowing the donor to make an impact.
Conclusion
A trust attorney doesn’t just work with the wealthy or the elderly, they work with anyone who wants peace of mind when it comes to their financial future and legacy. You can work with a trust attorney whether you’re a young parent, a business owner or someone who’s just thinking ahead of the curve. Working with a trust attorney can help you make the best legal decisions that protects your interest.