WHAT IS THE ROLE OF A TRUST ATTORNEY?

In this context, the phrase trust attorney does not relate to a lawyer who is reliable (although this is an meaningful characteristic to have in your attorney). A trust attorney is an expert in the field of estate planning who can assist you in putting together the papers necessary to establish a trust for your estate.

Instead of going through the probate procedure after you die away, your surviving family members can avoid it by creating a trust. Trusts, on the other hand, are kept private and out of the public domain. Trusts can incorporate provisions to reduce estate taxes, allowing your loved ones to receive a greater proportion of the assets you meant to give them. Trusts are particularly helpful documents for those who have big estates to protect their assets.

The disadvantage of trusts is that they can be expensive and time-consuming documents to create and maintain their legal legality. However, while it is possible to create a trust on your own, a trust attorney will go above and beyond the basics and delve deeper into your unique situation to assist you in beginning to think about how you would like your estate divided, who you would like to receive it from, and within what timeframe you would like it to be distributed. The trust terms that will protect and provide for your young children or adult children with special needs will be considered if you have any of the following: Discussions can also center on how to maintain control over your fortune and preserve your legacy from creditors or beneficiaries who might desire to take advantage of their inherited wealth.

A trust attorney can also assist you in better understanding the various forms of trusts. In addition to revocable and irrevocable trusts, there are a variety of other instruments to examine, such as credit shelter trusts, charitable rest trusts, generation-skipping trusts, and a variety of others to consider.

The Appointment of a Professional Fiduciary

Even if you do not have a family member or friend whom you feel comfortable appointing to be a trustee of your trust, you can name a professional fiduciary to act as trustee, who will handle the details of trust administration while you are alive and incapacitated, and asset distribution after you have passed away, on your behalf.

In many cases, it is more comfortable for people to entrust this significant task to a professional rather than to a family member or trusted friend, due to the sheer enormity of the job, the legal complexity, and a desire to keep family tensions to an absolute minimum.

Administration of Trusts

A trust attorney can aid a fiduciary, whether an individual or a professional, in handling the entire gamut of trust administration after you pass away, including but not limited to the following:

It is necessary to notify all of the person's beneficiaries, as well as government agencies and other organizations, of their death. This includes the Social Security Administration, the Department of Health and Human Services, the Veterans Affairs Department, life and health insurance firms, mortgage businesses, banks, credit card companies, and other financial institutions, among others.

Property valuations, reconciliation of all existing bills and obligations, reporting of gains and losses, and filing of tax returns are all part of the overall trust estate management.

Transfer of ownership of all assets to the beneficiaries

Observance of all applicable state and federal laws governing trusts

If there are any challenges to the trust, the trustees have litigation responsibilities.

Contact the estate planning attorneys at Parker Law Offices if you are looking for a competent and honest trust attorney. To schedule an appointment with one of our professionals, call (303) 339-3750 or send us a message online.

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