What is a Trust Lawyer AND what do they actually DO?
The short answer is that a trust lawyer is an attorney with a focus on all things having to do with creating trusts. That typically includes Estate Planning and sometimes Elder Law as well.
Keep reading below and we’ll discuss more about role of a trust lawyer and whether or not you actually NEED one.
What is a Trust?
Simply put, a Trust is a legal arrangement where one person, known as the trustee, holds and manages assets for the benefit of another person, the beneficiary.
Trusts can be used for various purposes, including managing property, protecting assets, and ensuring that your estate is distributed according to your wishes. And that latter part helps your heirs avoid the pain and expense of probate.
The Role of a Trust Lawyer
A trust lawyer, also known as a trust and estate attorney or estate planning lawyer, specializes in the creation, management, and administration of trusts. Here’s a closer look at what a trust lawyer does:
Creating Trusts:
A trust lawyer helps you design and set up trusts tailored to your specific needs. This includes choosing the right type of trust, drafting the trust document, and ensuring that it complies with state and federal laws.
Advising on Trust Options:
There are many types of trusts, such as revocable living trusts, irrevocable trusts, special needs trusts, and charitable trusts. A trust lawyer will explain the pros and cons of each type, helping you select the best option for your situation.
Funding the Trust:
Once the trust is created, assets need to be transferred into it. This process, known as funding the trust, can include real estate, investments, bank accounts, and other assets. A trust lawyer will guide you through this process to ensure that your trust is properly funded.
Trust Administration:
Trust lawyers also play a crucial role in the ongoing administration of the trust. This includes managing the trust assets, ensuring compliance with legal requirements, and handling any issues that arise with the beneficiaries or the trustee.
Modifying Trusts:
Over time, your circumstances or the law might change, necessitating modifications to your trust. A trust lawyer can help amend the trust to reflect your current wishes and ensure it remains valid.
Trust Litigation:
In cases where disputes arise regarding the trust, such as disagreements between beneficiaries or allegations of trustee misconduct, a trust lawyer can represent your interests in court.
The Freedom Trust Plan – and Your Trust Attorney
While it might be tempting to use DIY methods for creating a trust, the stakes are simply too high, and the law too complex, to leave to an online-only approach.
But a big part of the cost of creating a living trust, for example is spent on a highly qualified attorney spending the time to gather all of the pertinent information, then design the trust documents and execute them.
That’s why the Freedom Trust Plan was created!
Completing the Freed Trust Plan application doesn’t just give you a visual representation of your Trust – it makes actually creating it MUCH MORE EFFICIENT.
To get started you simply fill in the information that would normally be collected during 1:1 attorney time. And since you have a Trust Lawyer guiding you through that with online videos, you are getting expert help along the way.
Think of that as doing a little homework in advance, with a teacher’s help, that saves you thousands of dollars in the end.
Then a Trust specialist reviews your plan, makes recommendations and follows up with a real-time, one on one online meeting to review and answer your questions.
A trust lawyer ensures that your trust is legally sound, tailored to your specific needs, and aligned with your overall estate planning goals.
Peace of Mind
We understand the importance of securing your family’s future because we do the same for ourselves!
The Freedom Trust Plan democratizes the many advantages of a Trust by both providing a cost effective way to safeguard your legacy and protect your family in a cost effective way – supervised and approved by a Trust Lawyer.
Take 30 minutes right now to design your Trust here.
