The role played by trust lawyers

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Planning for the future is key to living a prosperous life. This stands true for your financial planning as well. Estate planning is an important aspect of your financial plan which determines how your wealth will be handled after your death or incapacitation. Your estate will include everything like property, cars, financial investments, stocks, jewelry, and other such personal assets of value that you want to pass on to the next generation. Creating trusts and wills is an important part of your estate plan. To prepare a good estate plan and create a trust you will need the help of reputed trust lawyers. The trust attorney helps the beneficiaries and legal heirs maintain their assets and saves them from probate, trust litigation, and trust administration. 

The role played by trust lawyers of Trust law firm Litvack Dessureault LLP:-

  • Create irrevocable trust: Trust lawyers help create irrevocable trusts to avoid paying estate taxes when the creator of the estate plan passes away. The owner of the estate permanently gives the assets in the trust to a trustee or the beneficiaries and no longer owns the assets. This is why there is no tax levied on the trust property. Once you form the trust and fund it, you no longer need to manage the trust.
  • Create revocable trust: Trust lawyers also help create revocable or living trusts. Living trusts allow you to make changes to the trust in your lifetime. The main benefit of creating a living trust is that on your death the assets will be transferred to the beneficiaries without going through the probate process and they will also not have to bear any estate taxes. 
  • Avoid probate: Trust lawyers will ensure that your assets are managed properly and are passed on the right way. They will ensure you do not have to go through a lengthy probate process that can also create disputes amongst the family members. They will also save you from any unnecessary legal fees.
  • Protect your inheritance: Trust lawyers help save your inheritance from lawsuits, creditors, debt collectors, divorce, and other such challenges. 

Creating trust is beneficial when planning your estate. The trust will act as a means for passing on the property and other assets to loved ones. Creating trust will also avoid the costly and tedious probate process. You will need the help of a seasoned trust lawyer to create the trust, help with all the paperwork and documentation, and offer legal assistance to the trustee.