what questions to ask trust preparing attorney?

7 Questions Your Will and Trust Lawyer Should Ask You.

• 1. What is it you hope to accomplish in your estate plan?
• 2. Do you expect to remain in your current state of residence and do you have any real estate or second homes in another state?
• 3. Who should fill the roles of executor, trustees for each type of trust, guardian for minor children, and who will act as an agent under both a ...
• 4. Who should be involved in the process and what’s best for you?
• 5. Have you completed the estate planning questionnaire and accurately recorded the types, values, owners, and beneficiaries of each type of asset?

Full Answer

Do you need a trust attorney to make a trust?

Here are some recommended questions to bring to your first meeting with your lawyer to see if the arrangement is a good fit and to help give you a better understanding of how your lawyer can help: How long have you been practicing in the area of estate planning law? What assets would need to be probated and which assets would pass outside a will?

What are good questions to ask an attorney?

Oct 17, 2012 · 7 Questions Your Will and Trust Lawyer Should Ask You 1. What is it you hope to accomplish in your estate plan? A good estate planning lawyer needs to know exactly what you... 2. Do you expect to remain in your current state of residence and do you have any real estate or second homes in another... ...

What should I ask before hiring an attorney?

Jun 29, 2021 · Here are several questions you should ask yourself: When meeting with a potential estate planning lawyer, how comfortable do you feel? Does your advisor communicate well and clearly? Do you agree...

Can trusts lawyer Be my trustee?

What are some good questions to ask an attorney?

In Order to Move Forward With Any Lawyer, First Ask These Ten QuestionsHow Long Have You Practiced Law? ... What Types of Cases Do You Manage? ... Who's Your Typical Client? ... How Many Similar Cases Have You Taken On? ... What Kind of Special Training or Knowledge You Have Outside Your Law Degree? ... What Are Your Fees and Costs?More items...

What questions should I ask a potential trustee?

Investment Management & DecisionsHow would you decide on appropriate investments for the trust?Can the beneficiary or a trust committee assist in making the investment decisions?What are the qualifications of the financial person who has been hired?How often are the investment decisions reviewed?More items...

What questions should I ask when preparing a will?

Your Top 10 Will Questions AnsweredWhat is a will? ... What's the difference between a living trust and will? ... Why do I need a will? ... What if I haven't had kids yet? ... Do I have to make a new will if I move between states? ... Do I have to get a will notarized? ... Can I change or cancel my will? ... When should I update my will?More items...•Jan 19, 2022

How do you prepare a trust?

Make a Living Trust: A Quick ChecklistList Your Assets and Decide Which You'll Include in the Trust. ... Gather the Paperwork. ... Decide Whether You Will Be the Sole Grantor. ... Choose Beneficiaries. ... Choose a Successor Trustee. ... Choose Someone to Manage Property for Minor Children. ... Prepare the Trust Document. ... Sign and Notarize.More items...

What questions should I ask about a trust?

10 Questions to Ask an Attorney About Living TrustsWhat Property Can Go in a Living Trust? ... Who Should Be My Trustee? ... Does a Living Trust Avoid Estate and Probate Taxes? ... What Are the Benefits of a Living Trust? ... What Are the Drawbacks of a Living Trust? ... Do I Still Need a Power of Attorney?More items...

What is an irrevocable trust?

The term irrevocable trust refers to a type of trust where its terms cannot be modified, amended, or terminated without the permission of the grantor's beneficiary or beneficiaries. ... Irrevocable trusts are generally set up to minimize estate taxes, access government benefits, and protect assets.

What are 5 things lawyers do?

DutiesAdvise and represent clients in courts, before government agencies, and in private legal matters.Communicate with their clients, colleagues, judges, and others involved in the case.Conduct research and analysis of legal problems.Interpret laws, rulings, and regulations for individuals and businesses.More items...•Sep 8, 2021

Do and don'ts of making a will?

Ten Do's and Don'ts for Writing Your Will1.) Don't put it off. ... 2.) Don't get lost in the weeds. ... 3.) Don't bestow honors. ... 4.) Do name alternates. ... 5.) Don't let the choice of alternates bog you down. ... 6.) Do express your wishes for charities and friends. ... 7.) Don't think that other documents or statements will suffice. ... 8.)More items...•Feb 20, 2020

What do I need to think about when making a will?

7 things to think about when making a WillDecide who your executor is. ... Decide who will benefit from your Will. ... Consider areas of potential complication. ... Be mindful of Inheritance Tax. ... Make sure your will is legal. ... Decide where to store your Will.More items...•Jan 14, 2019

What should you not put in a trust?

Assets That Can And Cannot Go Into Revocable TrustsReal estate. ... Financial accounts. ... Retirement accounts. ... Medical savings accounts. ... Life insurance. ... Questionable assets.Jan 26, 2020

How do you list assets in a trust?

Assets Held in the Trustee's Name Start with the trust document. It probably lists property that the settlor (the person who set up the trust) at least intended to transfer to the trust. Often, the assets are listed on an attachment to the trust document, called a schedule.

What assets can you put in a trust?

What Type of Assets Go into a Trust?Bonds and stock certificates.Shareholders stock from closely held corporations.Non-retirement brokerage and mutual fund accounts.Money market accounts, cash, checking and savings accounts.Annuities.Certificates of deposit (CD)Safe deposit boxes.Jan 16, 2022

What is an AB trust?

There are different types of trusts including an AB trust, revocable, and irrevocable trust. An AB trust is created by a married couple with the objective of minimizing estate taxes due to double-taxation.

Can a trust be challenged?

Yes, a trust can be challenged just like a will. If for any reason the trust maker was mentally incompetent, forced, unduly influenced, or deceived when setting up the trust, then the contest can be successful.

What is the difference between a living trust and a power of attorney?

Living trusts control all of your assets if you become incapacitated, but many attorneys still suggest that you draw up a power of attorney to make financial and medical decisions on your behalf. The power of attorney protects you as an individual whereas a living trust controls where your assets go when you pass.

Can a trust override a will?

There are certain situations when a trust can override a will. This is usually in the case of an irrevocable living trust. If you give your house to the irrevocable trust, you give up your ownership of the home, meaning you cannot give it to someone in your will.

Why do you need a living trust?

If you are concerned about family infighting over the distribution of assets after you pass, you can make provisions in your living trust to help avoid such conflicts. While a disgruntled heir can still cause problems even if a living trust exists, in most cases having one in place resolves common causes of family discord after a loved one dies.

What is probate trust?

Probate means a list of your assets will be easily accessed by the general public. If you want to keep the contents of your estate between you and your beneficiaries, a living trust is right for you.

Who is responsible for creating a living trust?

There are three stakeholders when you create a living trust: you ( the creator) and the trustee, the successor, and the beneficiaries. The trustee is legally bound to ensure all assets are managed and distributed in accordance with creator’s terms.

Can a living trust be contested?

A living trust can be contested, but again, it provides a level of privacy other estate documents cannot . If privacy is a major concern for you, it’s definitely a good idea to consult an attorney about creating a living trust.

What is a revocable living trust?

A revocable living trust allows you to manage your property and change or dissolve the trust at any time for any reason at your full discretion. As the trustee, you have total control over your assets which means you can exchange, sell or invest them at any time.

Can you control your property in a living trust?

Real estate that is transferred to the trust will be retitled so that it becomes property of the living trust. This does not mean you cannot control your property, just that they belong to the living trust which is a wholly separate entity according to estate law.

What happens when an estate goes into conservatorship?

Many people are concerned about their estate going to conservatorship in the event they become incapable of managing their own affairs. With a living trust, assets are managed by a co-trustee or successor trustee named in the trust agreement if the creator becomes incapacitated.

How to build an estate plan?

When building an estate plan, you may have a variety of concerns, including the following: 1 Maintaining an orderly administration of assets while you are living 2 Managing estate assets flexibly while you are living 3 Reviewing estates involving tenants in common or community property 4 Considering assets in multiple states 5 Examining small business assets 6 Naming your children’s legal guardian 7 Ensuring that your heirs and loved ones receive your assets 8 Helping to reduce or avoid conflicts and confusion 9 Minimizing legal expenses and taxes 10 Assessing wealth preservation

Why is it important to have an estate plan?

It's important to have a solid estate plan in place to ensure that your loved ones receive your assets without a hassle or undue delay after your death. There are many questions you should ask prospective estate-planning attorneys before hiring one to craft your estate plan. Above all, make sure you hire an attorney who demonstrates ...

Can a lawyer draw up a will?

Although any lawyer can draw up a simple will for straightforward situations, such as naming the beneficiary of one's 401 (k), seasoned trust-and-estate lawyers can help navigate more complicated situations involving several trusts and multiple heirs. 1:21.