Are you in the process of creating your estate plan? At some point during the process, you may learn that creating a trust can come with a number of benefits. A trust can be created at any point, but, it’s not uncommon for the question of whether to create a trust for beneficiaries to arise while creating your estate plan. In doing so, you are probably riddled with questions over how to get started and, whether doing so is the appropriate way of moving forward. An attorney can help to answer any questions you may have. They can assist you in setting up a trust that allows you to clearly outline your instructions, avoids probate and provides a smooth transition of the trust to beneficiaries.
How do I know which type of trust to choose?
When it comes to developing a trust, there are a number of trusts that a person may choose from. With so many options, it can be overwhelming to determine the type of trust that may be right for you and your family. Depending upon your needs and financial situation, the following trusts may be an option:
- Testamentary Trusts
- Living Trusts
- Irrevocable Trusts
- Revocable Trusts
It’s important to work with a professional who has experience in creating trusts. Perhaps one of the most widely utilized types of trusts are living trusts. A law firm has the experience to help review your estate to identify the right trust for you.
What should I come prepared with for my first meeting with a Law Firm?
When you arrive for your first meeting, be prepared to make important decisions regarding your estate. When creating a trust, we will ask you a variety of questions to gain a better understanding of your specific situation. Making such significant decisions can be difficult, however, many clients find that they experience relief once they have developed a plan for their assets. Key decisions we may ask you to make include:
- Whether you and your partner will share the trust
- Appointing a trustee to oversee the trust
- Which assets should be included in the trust
- Who will benefit from the trust
- Appointing someone to manage the trust for beneficiaries who are minors
Don’t let the big decisions bog you down. An attorney can guide you by applying their vast knowledge and experience to your situation. They have the patience you need when faced with such significant decisions. If you need more time, they are happy to provide you with the space to slow things down and talk things over with your partner.
How long will it take to create a living trust?
For many, a living trust is an additional component to a person’s estate plan. The length of time to set up a living trust will depend upon your situation. If you have already made key decisions regarding appointments and how you would like your trust to be set up, an estate attorney St. Peters, MO relies on can help you efficiently create your trust.
Thanks to Legacy Law Center for their insight into estate planning and why to hire an attorney.