Owning numerous properties and assets can be fulfilling and it’s best to enjoy it while still living. But their existence does not stop after your death, which means you also need to plan out what will happen to them after your passing.
There are two options to ensure your properties will be dispersed and used properly when that time comes. One is by creating a will and another is through trust. Whichever you choose between these two real estate planning tools, it is always a good idea to consult with an estate planning attorney to get your affairs in order.
You can choose between a trust attorney or a probate attorney to draw up the transfer process of your estates. If you’re wondering what trust administration attorneys do and whether you really need them to create a living trust, read on. This article should explain the advantages of hiring a probate attorney and how they make the process of managing your estate easier.
Below you’ll find out the differences between trust and probate attorneys and why hiring them is more advantageous.
Difference Between Trust And Probate Attorneys
A living trust is a way of leaving behind your properties and assets through a fiduciary relationship without going through the trouble of a probate process. It means entrusting properties and assets under the care of a trustee. Some of the things that can be included in a living trust are real estate properties, patents, small business interests, precious metals, collectibles, and antiques.
Trust attorneys are estate planners experienced in handling all trust-related matters. There are those who handly only documentation and administration of trusts, and there are those who can handle litigating a trust dispute.
A trust is a legal document and an experienced trust attorney will be able to assist you with the legal details of your assets. This is not just about drafting a document and figuring out what to do with your assets. As an estate planner, trust attorneys can also assist with lowering estate taxes, looking into the legal documents of your properties, and administer the trust.
A will is a legal document that states how a person’s properties and assets are handled and distributed after death. A will can include properties, vehicles, safe deposit boxes, and heirlooms that can be left behind for heirs, friends, or the person’s chosen charity.
A probate attorney is one who handles all matters regarding the probate of a person’s last will and testament. The job includes assisting with the drafting of the will, assessing the legalities of the properties, and handling all legal processes of validating the will from beginning to end. What happens if you don’t work with an estate planning attorney and you fail to leave a will upon passing?
A probate attorney can also help sort out a person’s assets and liabilities in coordination with the family and relatives of the deceased. Some of the things that a probate attorney can help with include minimizing taxes, legal transfer of the properties under the name of the beneficiaries, and probate defense against any objections filed in relation to these assets. A probate attorney can help make the probate process faster, minimize potential disputes, help lower tax fees, and make things less stressful for the family left behind.
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Do You Need An Estate Planning Attorney?
There are many advantages to hiring an estate planning attorney, especially if the properties and assets to be divided are significant and can be a source of conflict within the family and beneficiaries. An attorney can serve as a mediator that will implement the distribution of assets in a legal and organized manner.
Estate planning can be the last thing that people want to do, but it should actually be part of long-term financial planning, especially for those with significant assets and properties to leave behind. It can be a good preparation not just for death but in instances of accidents and being incapacitated. Planning can include not just properties and assets but also business succession and decisions when it comes to blended families.
It is also best to hire an estate planning attorney who can administer the will and trust all throughout the process and not just draft them. This is to ensure proper succession and distribution with less stress for the entire family.