Oct 14

Determining If An Attorney Needed To Settle A Revocable Living Trust


Maybe you have been wondering, if an attorney is needed to settle a revocable living trust? Many people wrongly believe that a revocable living trust will allow them to carry out the process of settling the final affairs in a simple manner without having to take the help of an estates and trust’ lawyer. Although this may hold true for a limited number of trusts, in most cases, hiring an attorney can be greatly beneficial for an easy and quick settlement. Here’s a list of key things to consider prior to hiring an attorney to assist you to settle a revocable living trust.

Steps to take when settling a Revocable Living Trust in Escondido CA

1. Hire An Attorney To Settle A Revocable Living Trust That Has Been Fully Funded

Do you want your estate to be distributed to your spouse upon your demise? Do you want your children to inherit your estate if your spouse does not survive you? If so, you must ensure that nothing of even limited value has been left out of your trust in your individual name. An attorney will ascertain that all your assets get distributed to your heirs in an efficient way. A “living” trust will save you both money and administrative hassles. A qualified attorney will effectively settle your revocable living trust.

2. Avoid Probate And Limit Your Estate Tax Burden By Hiring An Attorney To Settle A Revocable Living Trust

A reputable attorney is needed to settle a revocable living trust and prepare vital documents that will remove your assets from your own name and prepare a “declaration of trust.” The attorney will also help avoid probate and limit your estate tax burden expenses and delays on your family members after your death.

3. Hire An Attorney To Settle A Revocable Living Trust When The Beneficiaries Are Expected To Get Their Inheritance In Trust

If one or more beneficiaries are expected to get their inheritance in trust, a successor trustee will be required to work with a reputed ‘estates and trust’ attorney to ensure that every beneficiary’s trust has been properly funded and also discuss the trust income tax returns concerning how each trust must be handled on a daily basis.

4. If The Trust-maker Owned A Business, Consider Hiring An Attorney To Settle A Revocable Living Trust

If the Trust-maker has made an exit plan stating what will happen to the business upon his/her death, a successor trustee will have to work with a qualified ‘estates and trust’ attorney for its implementation. If not, then the successor trustee must meet an ‘estates and trust’ attorney for selling, shutting down or continuing the Trust-maker’s business.

Remember, revocable living trust allows you to transfer your assets from your own name to yourself in the capacity of a Trustee. The Trustee continues to retain title to their trust assets and control it just the way an owner would. Thus, you will be able to manage and dispose your assets the same way before this Trust was created. If you are incapacitated or after your demise, the Successor Trustee appointed by you, will take over and administer your Trust as per its terms. Call O’Connell & Associates at 760-310-2463, Fax: 866-630-9947 or Email: djoconnell@oconnell-law.biz for further assistance.