attorney helped with creating living trust, now what

A living trust attorney can help you to navigate any family complications that you want to plan around in your living trust. 6. Avoid Probate Another major benefit of creating a living trust is that your family can avoid probate court after your death.

Full Answer

Do I need a lawyer to make a living trust?

Jul 21, 2015 · A living trust is created with a trust document or instrument. You may be able to create this yourself, but it makes sense to work with an attorney to create your trust in some …

How does a LegalZoom living trust work?

Mar 06, 2018 · The Trust Attorneys at Clarity Legal Group® will help you define your goals, educate you about your options, advise you about best approaches for meeting your goals, …

How to make a living trust for an estate?

The only drawback to having an attorney help settle the trust is that an attorney takes a fee to do so. The fee in Florida is typically 2.25% of the trust assets for the first $1 million. Trustees are …

What is the name of the person who owns a trust?

May 02, 2022 · Most attorneys agree that if you create a living trust, you should also have a will. This will, sometimes called a pour over will, is your insurance. In case there are any assets left …

What happens when a trust is formed?

What is the downside of a living trust?

What should you not put in a revocable trust?

What are the tax advantages of a living trust?

Is a living trust better than a will?

Is a living trust really necessary?

Should I put my bank accounts in my trust?

At what net worth do you need a trust?

Why put your assets in a trust?

What are the 3 types of trust?

What assets should not be in a trust?

Who pays taxes for a trust?

How long do you have to sue a trustee for a trust?

If the trustee is not properly released from the trust beneficiaries, the beneficiaries have up to 4 years to sue the trustee (and maybe more) for improperly administering the trust.

What is a successor trustee in Florida?

First, the successor trustee is a fiduciary under Florida law. A fiduciary is one of the most important jobs in the legal world, being held to the highest standard of truth and fairness to the trust beneficiaries. The successor trustee has the following duties (among others) under Florida law:

What is the duty of prudent administration?

Duty of prudent administration. Most people who have taken on the duty as trustee have never served in this role and are highly unlikely to know what to do to properly administer the trust and estate, pay the decedent's bills and taxes, and more.

What is the role of a trustee?

Here, the trustee has the duty to: Administer the trust fairly for all beneficiaries. Invest the trust assets correctly and as a reasonably prudent person would.

What does a good attorney do?

Here, a good attorney will help make sure everything goes smoothly, the bills are correctly paid, the taxes are taken care of, the trustee takes a trustee's fee (if they so desire) and the trustee is released of their duty correctly so that trust beneficiaries cannot come back and sue the trustee .

How many children does a widow have?

She has 4 children, all equal beneficiaries, with one son as the successor trustee. The trust assets are $500,000. The children do not get along and think the one son is improperly administering the trust, among other family issues. The siblings demand money from the son as soon as possible.

What is a living trust?

A living trust is a document that allows you to place assets into a trust during your lifetime. You continue to use the assets, but they are owned in the name of the trust. You name a trustee who is responsible for managing and protecting the assets in the trust. After your death, the assets in the trust are distributed to ...

What happens to a living trust after death?

After your death, the assets in the trust are distributed to the people you choose as your beneficiaries. Living trusts are often portrayed as the ultimate estate planning tool and something everyone needs. The truth is a living trust may not solve all your problems but may be one piece of your estate planning toolbox.

Is a living trust a tool?

Living trust s are often portrayed as the ultimate estate planning tool and something everyone needs. The truth is a living trust may not solve all your problems but may be one piece of your estate planning toolbox. To find out what’s right for you, ask your attorney the following questions.

Can you name yourself as trustee of a trust?

You can choose anyone or even a corporation as your trustee if you prefer. If you name yourself, you will need to name a successor trustee who can step up to manage the trust after your death.

What is a revocable trust?

A revocable trust (one that can be altered during your lifetime) does not avoid estate taxes that are applied by your state or the federal government. A special kind of living trust called an AB trust passes assets directly from one spouse to another and avoids estate tax. Living trusts do not pass through probate, ...

What is an AB trust?

A special kind of living trust called an AB trust passes assets directly from one spouse to another and avoids estate tax. Living trusts do not pass through probate, and so your estate will not need to pay any probate fees or costs.

Why are living trusts so popular?

Living trusts offer a variety of benefits, which is why they have become so popular. Living trusts allow your estate to avoid probate. By doing so you avoid the costs associated with having a will probated, but you also avoid the delay associated with probate. It can take months for a last will to be probated, but when you create a living trust, ...

What is a living trust attorney?

A living trust attorney is an attorney who specializes in probate law and understands the legal intricacies of creating a living trust. A living trust attorney should have experience drafting living trusts and writing wills, but the best living trust attorneys have experience with trust litigation.

Why do you need a living trust?

The reason the living trust is labeled as such is because you can create it and manage it while you’re still living. As long as you are alive and have capacity, the living trust remains revocable.

Can you change an irrevocable trust?

If you choose to, you can create an irrevocable living trust, which cannot be changed once it has been signed and created. There are certain circumstances where an irrevocable trust makes sense, such as when you have a large enough estate that you are trying to reduce your tax liability.

Can I create a living trust without a lawyer?

Creating a living trust is not a simple process, and frankly, I would never recommend someone attempt to create one without a living trust attorney. A living trust is a legal document that must follow the specifics set down both by the law and the terms and conditions you have imposed.

How to make a living trust?

1. Create a Legally Enforceable Document. Educating yourself about the different aspects of estate planning is natural and a great first step in making decisions for your future. But it’s unlikely that you’ll be able to create a perfect, legally enforceable living trust for yourself.

What happens to your estate after you die?

After your death, your living trust will advise your family how to settle your estate, including which assets are to be passed on to which individuals, and which assets should be sold.

How does a living trust work?

The way a living trust works is that during your lifetime, you transfer your assets to the trust. The trust, or the trustee, manages the trust’s assets. You can be the trustee of your own trust and you usually are at first.

Why do people create living trusts?

Most people create a living trust to avoid probate, but you can also use a living trust to name beneficiaries, set up property management for young beneficiaries, and give someone control of your property if you become incapacitated.

How to set up a living trust?

Steps to Set Up a Living Trust: 1. Decide whether you need a shared trust or an individual trust. If you are married or in a domestic partnership and you and your spouse or partner own most of your property together, a shared trust may be the right way to go. Your other choice is two individual trusts.

Is a shared trust the right way to go?

If you are married or in a domestic partnership and you and your spouse or partner own most of your property together, a shared trust may be the right way to go . Your other choice is two individual trusts.

Who is the successor trustee of a trust?

Many people choose a grown son or daughter, other relative, or close friend to serve as successor trustee. It's perfectly legal to name a trust beneficiary—that is, someone who will receive trust property after your death. In fact, it's common. Once you've made your choice, discuss it with the person you have in mind to make sure he or she is willing to take on this responsibility.

Can a child be a trustee of a trust?

Many people choose a grown son or daughter, other relative, or close friend to serve as successor trustee. It's perfectly legal to name a trust beneficiary—that is, someone who will receive trust property after your death. In fact, it's common.

Can a child inherit trust property?

If children or young adults might inherit trust property, you should choose an adult to manage whatever they inherit. To give that person authority over the child's property, you can make him or her a property guardian, a property custodian under a law called the Uniform Transfers to Minors Act (UTMA), or a trustee.

What are the advantages of a living trust?

The main advantages of living trusts or inter vivos trusts are: 1 Avoiding probate of certain property in the will (probate is the process of distributing the person’s estate after they become deceased); 2 Reducing estate taxes and other costs; and 3 Setting up long-term property management.

What is a living trust?

A living trust allows the person making the trust (known as the “grantor”) and the person who receives the benefits of the trust (known as the “beneficiary”) to avoid probate. With a living trust, a person is appointed to manage the funds of the trust. This person is known as the trustee. You can sometimes be the trustee of your own living trust, ...

How to avoid probate?

You can avoid the probate process by transferring property into the living trust before your death. When you do this, all that you transfer into the living trust will pass to the recipients outside of probate. The person you appoint to handle the trust after your death, is called the “successor trustee.”.

Is a living trust more complicated than a will?

Living trusts are not much more complicated than will documents. The better question to ask is whether a living trust is right for you. The living trust can often be extremely flexible, as many types of property can be included in a living trust. However, living trusts can sometimes be unnecessary.

What is the difference between a will and a living trust?

There are differences between a will and a living trust that you should consider, such as: Drafting and maintaining a living trust can take more time than writing a will; Lawyer’s fees for living trusts may be higher than creating a will;

Which is better, a living trust or a will?

A will is usually more appropriate for younger people who are not at the end of their life expectancy; Wills are a fine way to distribute your property if you don’t have a large estate or many valuable assets, whereas a living trust is better to manage a larger estate with more assets;

Can a revocable trust be used as a will?

A revocable living trust, unlike a will, offers a fast, private, probate-free way to transfer one's property after death. Although a living trust is not a complete substitute for a will (it doesn't allow you to name a guardian for a child, for example), it is definitely a more efficient way to transfer property at death, ...

How to draft a living trust?

To draft a standard living trust—which is what most attorneys offer—you start with a lot of legal boilerplate (off-the-shelf legal language) and add the following information: The name of the person creating the trust (called the grantor, settlor, or trustor). If it's your trust, that's you. The name of the person who will manage ...

What is a living trust?

Living trusts are one of most commonly used estate planning tools today with good reason. A living trust can be a great way for you to make sure your wishes are followed after your death, provide for fast distribution of your assets, avoid unnecessary taxes, and keep your financial affairs private.

How does a living trust work?

How Living Trusts Work. Through a living trust, the person writing the trust (grantor) retains control over the trust’s property until her death. At that point, the trust is turned over to the grantor's choices of successor trustee, who will distribute trust property according to the grantor’s wishes. One of the main advantages of ...

What are the advantages of a living trust?

One of the main advantages of a living trust is that it isn’t subject to probate, which means for a fast transfer of assets without additional costs.

How to make a trust?

1. List Your Assets and Decide Which You’ll Include in the Trust. To be sure you have a complete picture of your estate, you should make a list of all of your assets including your house, car, jewelry, stocks, bonds, life insurance policies, etc. You don’t have to include all of your property in the trust, though, ...

Can you put property into a trust?

You can only put property you own into the trust, so if you are married or in a domestic partnership and much of your property is owned jointly, you will likely want to draw up a shared trust. Two individual trusts would be the alternative.

Who is the successor trustee?

The successor trustee is the person who will be in charge of paying debts and distributing your assets according to your wishes upon your death. Moreover, if you become incapacitated, your successor trustee would handle your affairs.

Who is in charge of paying debts and distributing your assets?

The successor trustee is the person who will be in charge of paying debts and distributing your assets according to your wishes upon your death. Moreover, if you become incapacitated, your successor trustee would handle your affairs.

Do you need a will or a living trust?

A will and a living trust do not serve exactly the same function. Depending upon your situation, you may only need a will. But if you decide that you need a living trust, you will also need a will. It's important to know which choice is better for you.

What is a living trust?

Living trust. A trust that is set up while the grantor is alive (also known as an inter vivos trust ). Testamentary trust. A trust that is set up by the grantor's last will and testament. Revocable trust. A living trust that the grantor may change or cancel at any time. Irrevocable trust.

What is a trust?

A trust is a way of holding and managing property, whereby the person setting up the trust (called the grantor, settlor, or trustor) transfers property to a trustee, who manages the property for the benefit of others (called beneficiaries). A trust is used as part of a comprehensive estate plan, ...

What is a trust in estate planning?

A trust is a way of holding and managing property, whereby the person setting up the trust (called the grantor, settlor, or trustor) transfers property to a trustee, who manages the property for the benefit of others (called beneficiaries). A trust is used as part of a comprehensive estate plan, along with other documents such as a will, ...

What is a testamentary trust?

Testamentary trust. A trust that is set up by the grantor's last will and testament. Revocable trust. A living trust that the grantor may change or cancel at any time. Irrevocable trust. A living trust that the grantor may not change or cancel. Trust agreement. The legal document that sets up a trust.

What is an irrevocable trust?

Irrevocable trust. A living trust that the grantor may not change or cancel. Trust agreement. The legal document that sets up a trust. It is sometimes called a Declaration of Trust; however, the title on the document may simply read "The Jones Family Trust," or something similar.

What is a trust agreement?

Trust agreement. The legal document that sets up a trust. It is sometimes called a Declaration of Trust; however, the title on the document may simply read "The Jones Family Trust," or something similar. It sets forth the names of the grantor, the trustee, and the beneficiaries.