A living trust is a form of estate planning that owns the property you transfer into it during your lifetime. When you pass away, the trust distributes all assets to your beneficiaries. You may be able to create your living trust by yourself and save money, but working with a trust attorney in Tampa makes the most sense in some situations.
When should you consider hiring a trust attorney?
You may be wondering whether you should use a living trust attorney. If you have a unique situation or are overwhelmed with a large estate, hiring a living trust lawyer can definitely help you create a complicated living trust or answer any questions you have.
You should consider hiring an attorney if you find yourself in any of the following situations or circumstances:
- You need advice about funding the trust
- Your net worth is close to the estate tax exemption
- You want to add complicated conditions that dictate when and how your beneficiaries receive assets
Hiring an attorney to create a trust will cost you. However, paying the upfront cost for sound legal advice and a living trust can benefit you and your loved ones down the road.
Even if you decide to create your own living trust, you should consider speaking with an attorney or having them review it. But before you question whether you need a lawyer, you should make sure you understand the ins and outs of a trust and whether you need one.
What is a trust?
Creating a trust allows you to say how you want your property and assets distributed after you die while maintaining some control over your property while you are still alive. Depending on your assets and family situation, a trust can be easy to create or very complicated.
To create a trust, you will need to draft a trust document. It helps ensure your property is distributed to your loved ones according to your wishes.
How is a living trust different?
A living trust is a type of trust created during your life to save tax money or establish a long-term way to manage your property. They are specifically designed to avoid probate after someone passes away and safeguards financial privacy.
When should you create a trust?
There are some instances when you may not need to create a trust. If you do not own significant assets, are single, have no children, or rent your home or apartment, you likely won’t need a trust.
On the other hand, if you have children that are minors or with special needs, creating a trust can be useful.
Other reasons you should consider creating a trust include:
- Avoiding the probate process when you pass
- Protecting your assets for your children
- Reducing estate taxes
- Managing assets
While most people do not need to worry about estate taxes, a few states have inheritance taxes. The federal government only assesses taxes on estates with significant assets. However, federal laws do change from time to time which is why speaking with a trust attorney can be beneficial.
Plan for your future by hiring a trust attorney in Tampa
You can easily get help planning your living trust with the help of an attorney like Anthony Candela. At Candela Law Firm, we’re confident we can protect your family and assets and create as smooth of an administration process as possible. For a free consultation, get in touch with us now.