Living Trust Attorney Services

If you have a will at the time of your death, your estate is required to go through the probate court unless your estate totals less than $150,000. If you establish a trust, however, the administration of your estate is handled privately without court involvement.

Although everything in a standard living trust is considered yours for estate tax purposes, it does not allow you to avoid estate taxes. However, when other estate planning techniques are used, a simple living trust can help you reduce or eliminate estate taxes.

Estate planning is an important step for any person who owns real estate or has assets with a total value of over $166,250. People with minor children, children from different marriages, or disabled heirs should also consider getting their legal affairs in order. Estate planning can protect what you have, even if your total holdings are minimal.

Some of the most common errors are made when individuals attempt to use standard "do it yourself" forms. Typically, the amount saved by handling these matters yourself could cost you very large sums in estate taxes or other penalties. When you weigh the costs, hiring a professional to properly create your estate plan may cost much less than having your family try to correct the errors after you die.

First, check the beneficiaries listed on your retirement accounts and insurance policies to make sure your children - not your ex-spouse - will get these funds. The second step is to create a new will or trust, which includes provisions to eliminate the risk of your children losing or squandering their inheritance.

If a family member is unable to manage his/her affairs, because of Alzheimer's or otherwise, you may not be able to assist your loved one unless the court appoints a conservator for your family member. Conservatorships are expensive, slow, and cumbersome court proceedings for people who didn't plan. The good news is that conservatorships can be entirely avoided if you have a proper estate plan in place.

Probate is the court process of distributing your property. It is expensive and slow, and all the records about the process become public records. During probate, the court appoints a person of their choosing to handle your affairs. If you establish a living trust, you designate a trustee to handle your affairs and distribute your property according to your wishes more quickly, cheaply, and privately than a probate.

Without a Health Care Directive or POA doctors and hospitals may be reluctant to suspend medical treatment, regardless of how futile or costly it may be. By designating someone you trust and outlining your wishes with a health care directive, you can guarantee that you will die with dignity.