The 4 Main Duties of a Wills and Trusts Attorney
Planning for the future of your family and property is necessary to ensure that your family is well taken care of after you pass on. Trusts and wills are very advantageous not only for maintaining your peace of mind but also for planning your estate. When properly implemented, trusts and wills can help pass over an inheritance to the inheritor without struggling through the probate process.The way trusts work is that the trust's creator gets to transfer their property to a beneficiary under a trustee (often an attorney). Trusts also help to lower estate taxes to be paid before distribution to the heirs. Trusts are not subject to estate tax and also allow you to decide the schedule to use in distributing inheritance.
When considering hiring a wills and trusts attorney (also known as an estate-planning attorney), here are some areas that will be the most helpful:
Drafting the Plan for Distributing and Protecting the Property:
As mentioned earlier, the trust is placed under the care of a trustee, who is most often the estate planning attorney or a relative of the trustor. When the trust is outside the care of the lawyer, the trust lawyer will provide legal help to the appointed trustee. When estates are large and complex, it is often more beneficial to have the trust lawyer as the trustee because they are more familiar with the processes and legal manoeuvrings than the average person.On top of creating and administering the trust, the trust lawyer drafts documents that help to protect the assets against lawsuits and taxes. The trust plan drafted by the lawyer considers the economic and financial circumstances as assessed by the trust lawyer or the client. Such circumstances include marital status, children, charitable inclinations, and health or incapacity issues.
Ensuring that the Formalities Stated in the Will are Applied:
In executing the last will and testament, the trust lawyer also reviews wills to ensure that they address issues concerning property distribution. This can also include the instructions laid out in a living will.The living will is a document that will specify what the client wants in the event of medical emergencies that leave the client incapacitated and unable to make medical decisions for themselves. As legal requirements vary from state to state, a lawyer must ensure compliance with the different regulations.
Power of Attorney:
This is almost similar to the living will but covers the financial agreements of the client. For example, before a Florida power of attorney can be deemed effective, there has to be a judicial agreement on a person’s incapacity. A power of attorney allows the principal to appoint an agent who acts on their behalf if incapacitated.The agent makes financial decisions or gifts of money on the principals’ behalf. There are different types of power of attorney, from general, durable, and limited power to springing durable power of attorney. The difference is in the permission and jurisdiction of the agent.
Having someone handling your health and finances for you when you are incapacitated or gone is a huge step. It is best to ensure that the agent or the trust lawyer you choose can place your needs above everything. That way, wherever you may be, you can rest in peace knowing that your needs and future generations are well cared for.
