A trust planning attorney is an expert in estate and financial law who helps people create trusts so that their assets don’t benefit a single family member due to bequests, marital splits, and other legal situations. They also advise clients on minimizing taxes, the distribution of assets after death, and how to avoid creditor claims. Additionally, these attorneys act as executors for their clients’ estates and ensure that final requests are followed.
You might need to hire a Monroe trusts planning attorney if you have a large family, countless assets to distribute, or require extra protection for your beneficiaries. If you own a small business, trust planning attorneys can help you create a corporate trust that separates your private and business finances so that your heirs aren’t liable for debts.
Here’s what you should expect when hiring a trust planning attorney:
1. Listen to your goals, review your financial situation, and answer your queries
A trust planning attorney will listen to your goals, and financial situation, and answer your queries. By gathering all of these details upfront, trust planning attorneys help people manage their assets as a single unit after death. They also help ensure that their properties are protected from predatory family members or other third parties.
2. Help you weigh the pros and cons of each type of trust you consider
After they’ve gathered their information, trust planning attorneys will help you weigh the pros and cons of each type of trust you consider. They’ll also explain all of the legal benefits and limitations of each one.
3. Draft the paperwork
A trust planning attorney’s main job is to draft the paperwork. With their knowledge of estate and financial laws, they can help you plan for your entire estate while also protecting your beneficiaries from creditors and other devastating circumstances.
4. Ensures that you have a proper estate plan
A good trust planning attorney ensures that you have a proper estate plan. This is especially important if your assets include a business, securities, or property. A trust planning attorney knows when to consult an expert in estate planning or tax law so that you can avoid common mistakes and benefit from every tax break possible.
5. Act as executor of your will if you’re unable to do so yourself
If you’re unable to act as executor of your own will, a trust planning attorney can do it for you. They can help you pick out a will drafter as well, which is a trustworthy professional who will draft a legal document that ensures that your final wishes are respected.