When you need help with setting up a trust and are not sure what to do, it could be a sign that it is time to hire a lawyer and receive help — as a divorce lawyer may suggest to you. Hiring a lawyer to discuss the unique details of your case is highly recommended, and it will help you accomplish your specific goals regarding estate planning. Whether you want to find out what kind of trust to set up or need to make changes to your estate plan, there is legal help available. Lawyers who possess the qualifications and estate planning experience will be able to give you personalized legal assistance. If you have any questions and need to urgently speak with a lawyer right away, there are some tips that you should keep in mind.
Identify your assets
Before you set up a trust, you should identify which assets that you want to place in the trust. Specific assets are suitable for putting inside a trust, such as bank accounts, stocks and personal property. Know that there are certain kinds of assets that lawyers advise against putting in a trust, such as cash, vehicles, and retirement accounts. If you have any questions about whether the assets you have can be placed in a trust, reach out to a lawyer and they would be able to help you choose assets.
Choose a trust type
One of the advantages of having a trust is that there are several different kinds, which makes them flexible for different needs, as you can learn from a trust lawyer like one at Kaplan Law Practice, LLC. There are irrevocable and revocable trusts. Revocable trusts can be changed by you, the grantor, during any point in your life as long as you are not incapacitated, while irrevocable trusts cannot be changed once they are created. A qualified lawyer who knows about the different types of trusts can help you choose one that best suits your needs and goals.
It strongly recommended that you designate beneficiaries who will receive your trust assets after your death. If you do not name any beneficiaries at all, your assets will not be guaranteed to be distributed to them, the trust will not be enforced. The assets will be under the probate process, which means that the court will be the ones to oversee how the assets will be distributed. If you want to make sure that your loved ones are the ones who receive the assets, then list them as the beneficiaries in your estate
Consult a lawyer early
There are lawyers experienced in trust planning who are ready to give you the legal assistance that you are seeking and deserve. You should not have to deal with a difficult legal problem on your own. They can assist you with finding a trust that is right for you and your estate needs. For more information about how you can set up a consultation with a qualified lawyer, give one a call right away to get started.