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A family trust, also known as a revocable living trust, is a legal document that is used to collect your assets and distribute them according to your wishes after your death. While still living, a person would set up a family trust and begin transferring all of his or her money, properties, and other assets into the trust. He or she would then appoint a trustee who would be responsible for managing the family trust and distributing the assets according to the written terms of the trust (to the named beneficiaries) after the trust owner dies or becomes incapacitated.
A family trust is similar to a will, but unlike a will, all assets in the trust are not subject to probate after the trust owner dies. However, a family trust is more expensive to set up and still has costs associated with managing it after it has been created. In addition, it is a complex legal document to set up correctly. For example, it is not simply enough to list all of one's assets in the family trust and assume the trust is complete. Each asset must be retitled to be in the name of the trust in order for it to be legally a part of the family trust.
The process to set up a family trust may be confusing, and it may be a challenge to name a responsible and honest trustee that will carry out the terms of the trust once you pass away. An estate planning lawyer can help. An estate lawyer will advise you if a family trust is the right move for your individual estate planning. If so, he or she can help you set up the trust accurately so that your assets are protected. An estate planning attorney will also help to ensure your trustee appropriately manages your trust and distributes the assets according to your wishes after your death or incapacitation. In addition, an estate planning lawyer can help you change or revoke your family trust at any time while you are still living, should you wish.
Estate planning lawyers understand the complexity of family trusts. If you need an experienced estate planning lawyer, contact Attorney Search Network today. We can help you find a qualified lawyer to assist you with setting up a family trust.
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