Do you want to safeguard your estate and your loved ones? Do you want to avoid a drawn-out probate process? Then you will want to hire a living trust probate attorney. But when is the right time? What are the red flags to look for if you should consider hiring an attorney? These are all questions that you might have been asking yourself. If this is the case, you will want to read this article. It is a detailed guide on when you should hire a living trust probate attorney.
What is a living trust?
When you have a trust worth millions of dollars, you must hire a living trust probate attorney.
A living trust is a legal document created to help you pass property and assets to your heirs. It also enables you to avoid estate taxes. Therefore, it is essential to have a living trust created before you pass away.
What is probate?
Probate is the process of legally transferring the ownership of property from one person to another.
In most cases, the trustee is a professional like a lawyer or a court. They will gather information about the deceased, like their assets and debts, and then make sure that the property is transferred to the right person.
The executor will then distribute the assets and debts to the beneficiaries. This process can be expensive, so it is essential to hire a living trust probate attorney to ensure that your estate is handled promptly and efficiently.
When should you hire an estate planning attorney?
The need for estate planning attorneys comes up when you have a large estate and are concerned about the taxes and other legal issues that come with the estate. It is also when you have a will and are worried about the will’s validity or the ability to make changes to the choice without going through a probate court. These are just a few reasons why estate planning attorneys are needed.
You should also consider hiring an estate planning attorney if you are in a high-risk profession. These professionals often serve as fiduciaries, which means they are in charge of managing your estate.
When do you need to hire a living trust probate attorney?
When do you need a trust attorney? You might need to hire a trust attorney in many different scenarios. Some of these include:
- When you are a beneficiary of a trust, and you have not received your inheritance
- When you are the trustee, and you have not received your trust funds
- When you are the beneficiary of a trust and are trying to avoid probate
- When you are the trustee and you are trying to avoid probate
What are the red flags to look for if you consider hiring a living trust probate attorney?
If you have a large amount of property, are married and have children, are a business owner, or are a professional, you should consider hiring an attorney.
If you do not have a lot of property or are not married and have no children, it is not necessary to hire an attorney.
Typical questions you might have about living trusts
If you have a trust worth more than $100,000, you should hire a probate attorney to ensure that the trust is valid and that you are not being taken advantage of. Your faith should also be good if you are the primary beneficiary of the trust and the trust is worth more than $100,000. If you are the trust’s beneficiary and the trust is worth less than $100,000, you should consult a living trust probate attorney.
The types of trusts that require a living trust probate attorney are revocable living trusts, irrevocable living trusts, and testamentary trusts. These types of trusts are typically used for estate planning. You should consult with a probate attorney if you have questions about a kind of trust.