Creating a living trust helps you secure and manage your assets thereby simplifying the estate planning process while you’re still alive. Most people would opt for a living trust rather than a last will.
However, would you need a trust attorney to establish a living trust? Or can you do it all on your own? For those wondering when is the best time to hire a trust attorney, this article is for you.
When Do You Need a Living Trust Attorney?
Before we proceed, it’s important to know that anyone can create a trust if they have any property or asset they'd like to leave behind for their beneficiaries when they die. There are different types of trusts you can create; anyone you choose to create will depend on your circumstances and situations. Now, no rule states you must hire a trust attorney but hiring a trust attorney comes with its benefits. So, when do you need to hire a trust attorney?
- Passing on Assets
You need to hire a trust attorney if you have a lot of assets or properties you want to pass on to your children or other beneficiaries. If your assets are worth more than $100,000, then it’s best to hire the services of a reliable trust attorney. However, it’s not compulsory if it’s stated clearly in your will that one or two family members will get access to your money and assets.
- Special Trust Conditions
If there are special conditions attached to the trust, then you might want to hire a trust attorney. These special conditions may be that you want a certain amount of money to go to your grandkids and not your kids or you only want your beneficiaries to have access to your assets when they meet certain requirements like coming of age. You’ll need the assistance of a trust attorney to avoid any legal issues in the future.
- Tax Liability
You need to hire a trust attorney if you’re going to owe federal estate tax. In 2023, the federal estate tax exemption is $12.92 million. If you have an estate that’s worth more than that, then you’re sure to owe estate taxes. You wouldn’t want to complicate issues for yourself if you’re in this situation which is why hiring a living trust attorney is the best option.
- Unique Beneficiary Situation
At a point where you have one or more beneficiaries with special situations, then hiring a trust attorney is non-negotiable. You don’t want to risk handling the process yourself and end up fumbling it.
- For Peace of Mind
If you don’t want to go through the stress of estate planning and creating a trust, then hiring a trust attorney seems like a good choice. The more complex and complicated your estate is, the harder it is to create a trust or coordinate the estate planning by yourself.
Conclusion
If you have a trust, you need the guidance and assistance of a professional trust attorney. A living trust attorney has the skill and experience to deal with complex trust structures, tax considerations, and legal compliance.
If you are looking for the best living trust attorneys in Chandler, we at Citadel Law Firm are here for you. We offer free and affordable living trust reviews and help you manage and secure your assets.
Contact us today to learn more!