If you need to make sure that your loved ones are taken care of after you die, one of the best things you can do for yourself is set up a living trust. A living trust gives you the chance to set aside the right amount of money or assets that you want your loved ones to have. These trusts are beneficial, because they give you the chance to revoke the trust or make changes to it any time that you are alive. If you want to put together a trust with the help of an attorney that can help you from its inception and any changes to it, read on and consider these tips.
#1: Figure what type of trust you need and the benefits associated with them
You will gain many benefits when you decide to put together a living trust. For one, it goes a long way toward avoiding the probate process, which might be long and drawn out depending on the circumstances. You also have a lot of options in the type of trust that you seek – including irrevocable life trusts and generation-skipping trusts. If you do your research on what you need, you will more wisely put together the proper game plan.
#2: Reach out to the right lawyer to assist you
Once you are ready to put together a living trust, you would need to find the assistance of a lawyer that is credible and experienced. Start by touching base with your accountant and asking for a referral. They will give you an initial consultation and let you know the best way to proceed in addition to potential changes that might occur as years go on. Make sure that you research their education and standing with the State Bar before doing business and having them to create your trust.
#3: Make sure that you know the costs
Learn the costs ahead of time so that you can get the assistance from the right attorney. Getting an attorney to assist you with the trust might cost between $1000 and $1500 if it is just you, and upwards of $2500 if you are married putting together a trust. The attorney will also give you a breakdown of their costs anytime that you need to do updates to the living trust.
If you manage these three tips, you will be able to put together the right living trust for your needs. For more information, contact local professionals like Wright Law Offices, PLLC.
Share5 June 2017
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