You’ve been hearing a lot about living trusts lately, and you’re wondering if they are something that might be right for you. If you are thinking about getting a living trust, it is essential to ensure that you have the best legal representation possible.
So, make sure to ask these five questions to your attorney before making any decisions. The answers will help you determine if this type of trust is the best option for your situation and whether the legal aid attorney you chose is the right fit.
Let’s begin.
What Assets Can I Include in my Living Trust?
You can put pretty much all of your assets and property into your living trust, but there are a couple of things that you cannot. You can’t include property in the trust if it is already titled to another person or entity (like a corporation). Anything with beneficiary designations will need to be changed before adding it into the living trust document.
You should also ensure that all assets listed on the trust are owned by you and not a corporation, LLC, or another type of entity. This includes checking your beneficiary designations on retirement accounts like 401(k)s and IRAs – these need to be changed before moving them into the living trust document.
Can I make changes to my living trust after I’ve set it up?
You can make changes to a living trust at any point in time. If you want to add a property, take some out, or change the trustee (the person who manages trust assets), you must get your legal aid attorney’s help with this process. It might be complicated, and requiring their assistance will ensure everything goes smoothly, so there are no mistakes.
You will also need to make sure that there is a provision in the trust document to change it because this varies between trusts and states. Having a legal aid attorney draft or review your living trust ensures you have all of these details taken care of from the beginning before signing on the dotted line!
Who Should be my Trustee?
Your trustee is the person who manages your living trust assets, so choosing this individual will be one of the most important decisions you make.
You should choose a trustworthy and reliable individual to take on this role since they will have complete control over all of your property if something happens to you. It will also help if your legal aid attorney recommends someone who they have worked with before.
Do I Benefit from Having a Living Trust?
In most cases, a living trust offers the same legal protections as a Last Will and Testament.
One of the main advantages is that a living trust can avoid probate for real estate assets in some states – but there are many exceptions to this rule! You shouldn’t assume you don’t need to go through probate because your state doesn’t require some assets.
Also, suppose you have minor children who are beneficiaries of the trust. In that case, the living trust is typically more advantageous because all property will go into a protected account until they reach an age where they can manage their affairs.
Do I Need a Power of Attorney?
Yes, you should choose a power of attorney (POA) to handle your affairs if something happens.
The POA is a document that designates an individual to be your legal representative if you are unable to manage your affairs. It’s essential not only for financial matters but also medical and other decisions – so it can be beneficial in the event of incapacitation.
The Bottom Line
As you can see, there are many questions to ask when deciding whether a living trust is suitable for your situation.
If you have any other questions about the process or would like legal aid in setting up this type of document, contact law attorney Atlanta today!
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