06 Mar What is a Living Trust?
Unlike a will, a living trust can also provide substantial protections for yourself and beneficiaries in the event of mental or physical incapacity. A living trust lawyer can include provisions that protect the trust maker’s (yourself) assets if the trust maker becomes mentally or physically incapacitated.
By establishing a successor trustee to manage a trust property in the event of incapacity loved one’s can avoid the process of obtaining approval from the court to act as a guardian and conservator for the trust maker. The successor trustee would then be able to pay the trust maker’s bills, and arrange for the support during the period of incapacity.
Living Trust Attorney
A living trust attorney can provide legal advice regarding establishing and administering a living trust. Additionally a living trust attorney provides the trust maker with a clear overview of living trusts legal, financial, and tax implications.
In this capacity living trust attorneys function as both a legal advisor and a financial planner providing advice as to the proper way in which the trust should be structured and how to maximize its benefits to the trust maker and beneficiaries.
A living trust attorney can provide an evaluation as to whether a living trust is an appropriate estate planning tool and what to expect from the trust while you are still able to manage your affairs.