When it comes to estate planning, many people choose to write their own trusts. While this can be a cost-effective option in some cases, it's important to remember that there are certain legal nuances that only an experienced estate planning lawyer should handle. That's why it's always best to consult with an attorney who can help you create a plan that will meet your specific needs and protect your assets.
Here are three reasons why you should involve an estate planning attorney when writing a trust.
1. To Ensure It Meets All the Legal Requirements
There are a number of legal requirements that must be met in order for a trust to be valid. An experienced estate planning attorney will know what these requirements are and can help you ensure that your trust meets them. Without an attorney, you run the risk of creating a trust that may not be legally binding, which could cause major problems down the road. They will help you avoid mistakes and provide the guidance and support that you need in the process.
2. To Help You Choose the Right Type of Trust
There are many different types of trusts, and each has its own advantages and disadvantages. An attorney can help you understand the various types of trusts and choose the one that's right for your situation. For example, if you have young children, you may want to create a testamentary trust so they won't inherit your assets until they reach a certain age. Or, if you have a large estate, you may want to create a living trust to help avoid probate. There are many factors to consider when choosing the right type of trust, and an attorney can help you navigate through all of them.
3. To Ensure Your Assets Are Properly Protected
One of the main reasons why you should create a trust is to protect your assets from creditors or lawsuits. But if your trust isn't properly created, your assets may not be as protected as you think. An attorney can help you structure your trust to maximize asset protection. For example, they can help you choose the right type of trustee and set up appropriate spendthrift provisions.
Creating a trust is a big decision, and it's one that shouldn't be taken lightly. If you're considering writing your own trust, be sure to consult with an experienced estate planning attorney first. They can provide the guidance and support you need to ensure that your trust is properly created.