If you’ve recently embarked on the trust writing process, it can be difficult knowing where to begin. Trusts are highly personal, and there’s no go-to approach that will work for everyone. Each individual comes to their trust from a different family situation, and everyone’s assets look different from the next person’s. So, your trust must be customized to you.
Although a trust isn’t a document, you will need to draft a document to produce your trust. Whenever you’re drafting a trust document, you could benefit from working alongside an experienced trusts lawyer. In many cases, this will make the process far smoother and easier to manage.
To begin, not every individual will need to create a trust in the first place. Whether you’ll need to draft a living trust depends highly on your unique assets’ situation. If you’re having trouble determining whether it would make sense for you to create a living trust, here’s a quick guide.
You may benefit from a trust if:
- You’d like to avoid the complicated probate process, as well as the extensive time and high costs that come with it.
- You’d like to keep your assets protected for your children until they’re old enough to take on ownership via trust administration.
- You’d like to reduce the estate taxes you’ll face, or you’d like to avoid these taxes entirely.
- You’d like to have more flexibility when it comes to your will.
- If the settlor is incapacitated, you’d like to continue having your assets managed.
- You’d like to prevent your finances from turning into a public record in probate court.
On the other hand, if you are single, childless, a renter rather than a homeowner, and you don’t possess any substantial assets, then it’s more than likely that a trust won’t be necessary for you.
Maybe you’ve determined that drafting a living trust is in your best interest, as well as your family’s interest and the interest of your assets. Now, you’ll have to determine whether you’d like to begin the process on your own or if you’d like to work with an experienced California trusts attorney.
There are a variety of situations where you could benefit quite a bit from hiring a trusts attorney. While it can be tempting to proceed with the task on your own, your trust must have the exact effect you want. A trusts lawyer will be able to guide you, making it far easier to avoid common errors. If you have any questions about drafting a living trust, an attorney is the best resource for you.
What are some situations where it’s in your best interest to hire a trusts lawyer? Here are a few:
- Your current net worth falls near the estate tax exemption.
- You are the parent or guardian of a child with special needs.
- You are looking for expert advice about how to fund your trust.
- Or you are looking to implement complex conditions within your trust when it comes to how and when your beneficiaries will receive assets.
Even if your trust is on the simpler side, it could still be beneficial to speak with an attorney. In instances such as this, having a trained eye on your trust, or having a reliable source of advice can be incredibly useful. A California trusts attorney can also ensure that you are aware of any state laws that may affect your trust and the process of drafting it.