A living trust, or “inter vivos trust,” is a trust that is created while a person is alive. The purpose of the trust is to hold property for the trustee for the benefit of a beneficiary – very much like a normal trust. A trust can be a valuable estate planning tool because it may allow the beneficiary to avoid certain types of taxes, it may help the beneficiary avoid probate, and it can also dictate the terms under which a beneficiary may use property.
Living Trust Attorneys are in reality estate planning attorneys with special knowledge regarding the legal restrictions and opportunities surrounding trust creation and administration. A living trust attorney can help you decide whether a living trust is the correct estate planning strategy for you, or whether an alternative may be better suited. Typically, a living trust is best suited for an individual or married couple of substantial assets. A living trust attorney may offer his or her services based on an hourly rate, or (and more typically), a living trust attorney will offer to create an estate plan for a person or married couple for one flat rate
What happens to property upon death is a huge point of stress for many individuals. Thankfully, living trust lawyers can help alleviate the uncertainty surrounding the legal implications of property transfers by offering you a secure estate plan. Your living trust lawyer will work with you to understand your current financial situation, and your wishes for what happens to your property and wealth upon your death. Then, based on this information, your living trust lawyer will create an estate plan that may include a living trust to help fulfill your wishes.