Living trusts are specifically designed to avoid probate and are also used to safeguard financial privacy and manage assets should the owner pass away or become incapacitated.
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A living trust is a trust created during life to either save tax money or establish a long term way to manage property.
One of the most significant drawbacks to hiring an attorney is the cost of retaining an estate planning attorney or firm to prepare your living trust.
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Using an attorney means that the trust will be completed correctly but the associated fees can greatly increase the cost of creating a living trust.
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However if you cut someone out of your living trust as a beneficiary he or she can challenge the trust just as a will can be challenged.
If you are interested in creating a living trust a great first step is to do a little research to familiarize yourself with the basics.
Either a family attorney or an estate or wills attorney can help you prepare a living will either as part of your general estate planning or as an individual document.
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My law practice is devoted exclusively to helping families with avoiding conservatorship avoiding probate and planning for the inheritance they wish to.
Some charge by the hour while others have a flat rate for writing a living will.
Many people who want to create a living trust contemplate hiring a living trust lawyer.