One of the most useful resources at your disposal when you are trying to plan out how your estate will be distributed once you pass on is a trust lawyer, mostly because he or she can help you with the creation and selection of trust funds. Listed below are two ways that a trust lawyer can help you out.
Helps You Choose The Right Trust Type
One of the biggest ways in which a trust lawyer can assist you is by helping you to determine which type of trust would be most appropriate for your needs and goals. This is a very important service when you consider just how many different types of trusts are out there and the many benefits and downsides that each one has.
For example, if you want to create a trust to take care of your children or spouse after you pass away but are still in good health or fairly young, a trust lawyer may recommend that you select a revocable trust that allows you to maintain full control of the trust and its contents until you pass away. However, this option has the downside of still being subject to estate taxes when you pass away, which can take a large chunk of that money away from your children or spouse.
On the other hand, if you want to ensure that the maximum money makes it to your children and spouse, your lawyer can recommend an irrevocable trust that puts the money outside of your control as soon as it is created. However, this option puts the money in a position where it will not be subject to probate or estate taxes when you pass away, and it can even protect that money if you are ever sued.
Helps You Determine The Best Criteria For Releasing The Trust
Another way that a trust lawyer can help you is by helping you to determine what criteria must be met by the person that receives the trust before he or she can take control of the trust and its contents. For example, if you are at all worried that someone who has just turned 18 is going to waste the money on frivolities, you can arrange it so that the trust fund is not released until that person graduates college, has children, gets married, or gets older rather than turning the money over as soon as he or she reaches the age of majority.
Contact a trust lawyer like Wright Law Offices, PLLC in order to discuss how he or she can help you with creating a trust as part of your estate planning process. A trust lawyer can help you determine what trust type to use and when to have that trust released to the person who received the trust.
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