Is Establishing a Trust Without An Attorney Wise? SmartMoney, a site about financial questions, addressed a person’s question about creating trust and whether an attorney was needed. We liked the answer and are passing on the information as well.
The individual asked whether a revocable living trust could be created without an attorney. The answer is “yes.”
A revocable living trust isn’t typically subject to “probate,” which means there won’t be the length of time that it will take otherwise to validate a will and resolve claims against the estate before assets can be distributed.
Living trusts include a so-called successor trustee and instructions on how to distribute assets when you die. Revocable means that those establishing the trust can dissolve or alter it.
Creating a living trust is easy to do independently. The key is to have detailed instructions and support if you have questions when utilizing the estate planning documents. By doing it yourself, you will save significant money in the process.
If you are fortunate enough to have more than $5 million in assets—enough to incur estate taxes—you may want to consult with an attorney.
Other exceptions maybe if you want to establish a highly complex trust or one that requires a number of specific conditions to be met.
But for the majority of Americans, the documents for establishing a living trust and will are straightforward and simple. The decisions are the ones you will need to ponder.
But once these documents are in place, you will have great peace of mind in knowing that you have established the path of your choice for the future of your assets.
If you are not sure about what you are doing, see professional assistance.
Attention! We are not attorneys and we are not lawyers. We cannot represent customers, select legal forms, or give advice on rights or laws. The article provided is for information ONLY and is NOT a substitute for the advice of a lawyer.