Estate Planning Attorneys
If you are seeking to set up a trust, it is likely in your best interest to work with professional legal guidance. A trust lawyer is a legal professional who specializes in helping individuals and families set up trusts to manage their assets and estates. Working with an experienced lawyer, according to Kaplan Law Practice, LLC, relieves you of the stressful weight in making these financial and critical decisions. There are also many myths and misconceptions to be aware of about trusts that can make it difficult for people to make informed decisions about their estate planning needs. Here are five common myths about writing trusts and working with trust lawyers.
Only the wealthy need a trust lawyer
One of the most common myths about trust lawyers is that they are only for the wealthy. While it is true that trusts can be particularly useful for managing large estates, anyone can benefit from working with a trust lawyer. A trust can help ensure that your assets are distributed according to your wishes, regardless of the size of your estate. Additionally, a trust can help protect your assets from creditors, lawsuits, and other potential risks.
Trusts are only for the elderly
Another common myth about trust lawyers is that trusts are only for the elderly. While trusts can be an important part of estate planning for older individuals, they can also be useful for people of any age. For example, parents may set up a trust to manage assets for their children, or a young couple may set up a trust to protect their assets in the event of a divorce or other unforeseen circumstances.
Trusts are too complicated and expensive
Many people assume that setting up a trust is too complicated and expensive, but this is not necessarily the case. A trust lawyer can work with you to create a trust that meets your specific needs and goals, and can help you navigate the legal and financial complexities involved. While there are costs associated with setting up a trust, the benefits of having a well-crafted trust in place can far outweigh these costs.
You lose control of your assets when you create a trust
Another common myth about trusts is that you lose control of your assets when you create a trust. In fact, the opposite is true. A trust can be set up to give you complete control over your assets during your lifetime, and can specify how your assets will be distributed after your death. Additionally, a trust can help ensure that your assets are managed according to your wishes even if you become incapacitated or are unable to manage your own affairs.
You don’t need a trust if you have a will
Finally, many people assume that if they have a will, they do not need a trust. While a will is an important part of estate planning, it may not be enough to meet all of your needs. A will only goes into effect after you die, and may not provide the same level of asset protection and management as a trust. Additionally, a will can be subject to probate, which can be time-consuming and costly. A trust can help avoid probate and provide more flexibility in how your assets are distributed.