Living Trust Attorneys, Do You Need One?

Living Trust Attorneys, Do you need one?

Living trusts are being utilized by many middle-class families throughout the United States. They have become an important vehicle to ensure an estate is passed on to beneficiaries in a cost-effective and timely manner. Instead of a Will which becomes effective after death, a living trust controls assets while living, thus allowing for advantages that a standard Will just doesn’t provide.

When it comes to creating a family living trust, every single family has unique circumstances. It’s difficult, if not nearly impossible, to create a one-size-fits all living trust document. In recent years a slew of companies have begun offering outrageously low-cost fill-in-the-blank forms or software programs in order to create a living trust. Do-it-yourself programs do not and cannot help you decide how to proceed and design a living trust. These companies do not provide legal advice. Only attorneys licensed to practice law can provide advice and direction. 

Can You Do-It-Yourself?

You only have one shot at getting it right, because you can’t fix mistakes in a living trust after you’re gone. Is it worth the risk to attempt to do it yourself? It seems easy, but is it really? Let’s take a look at just a few of the considerations a person will need to understand and contemplate in creating a living trust without legal advice:

The average person is usually not familiar with these terms and circumstances. Many people unexpectedly find, even with the assistance of a software program, the task of drawing up their own living trust time-consuming, frustrating and overwhelming. The terminology and legal jargon can be intimidating, and the smallest of mistakes can cause a long-term result that is financially devastating to families. Do you really trust answering difficult questions that may not result in what you want to have happened?

A man in California, who was remarried, wanted his new wife to be able to remain in their home for the rest of her life. Regrettably, it did not work out this way. Using a living trust software program, he made his wife and children from his prior marriage the beneficiaries of the home. Since the children owned the majority interest, they forced a sale of the home immediately upon receiving their inheritance. A life estate provision would have prevented the sale and allowed the wife to live out her life in the home as intended. Unfortunately, this provision was not added to the man’s living trust. Saving money is always a goal, but at what risk and cost?

Experienced Attorney

An experienced attorney, who is familiar with probate, living trusts, and estate taxation laws can take away the stress and fear in creating a living trust. An attorney will find out your goals and concerns and provide expert advice based on your specific situation. Instead of trying to make sense of a complex puzzle, you can focus on your family’s needs and let the attorney create a plan that works to accomplish those goals. An experienced attorney can help you make this easy and get it done right. As mentioned earlier, this is very important because you can’t make changes when the time comes.