What To Expect from A Trusts and Estates Attorney

December 1, 2017 News No Comments
What To Expect from A Trusts and Estates Attorney

If you have assets like a house, insurance policies, automobiles, checking account etc. you will have to prepare a will and/or revocable trust. If the value of these assets is quite high then you need to hire an attorney to prepare the will. Perhaps you are disputing a will or a revocable trust. In this case, you need to consult trust litigation lawyers. The trusts and estates attorney is the specialist when it comes to drafting revocable trust, irrevocable trust or will. He also handles the related tax planning.

The revocable living trust is a legal medium that is ideal for placing your assets in and manage them by being a trustee until such time when you are not able to manage them anymore. A successor trustee then takes over who could be a sibling, one of the children, other relative or a trusted friend.

The revocable living trust is a legal medium that is ideal for placing your assets in and manage them by being a trustee until such time when you are not able to manage them anymore. A successor trustee then takes over who could be a sibling, one of the children, other relative or a trusted friend.

The advantage of a revocable trust is that it helps estates avoid probate. An irrevocable trust can be useful for many purposes, avoidance of estate taxes being one of them. Either of the trust has to be drafted by an attorney.

Trusts and Estate Attorney Specialization

The attorney can be hired for the forming many types of trusts like

Revocable and irrevocable trusts.
Living Trusts.
Charitable remainder trusts
Fixed trusts
Discretionary trust
Special needs trusts

Good experience is essential when drawing up a trust. It is not necessary to approach a big law firm. A reputed attorney having their own practice can be entrusted with this work.

Hiring of the lawyer

The trust litigation lawyers charge fees in two ways. Some of them bill by the hour whereas others charge a lump sum amount for the whole package. An average cost of getting a trust drafted can vary between $2500 and $10,000 depending on the size of the estate and the complex nature of the trust. The charges will be higher in urban centers and when handled by large law firms.

Flat rates are not always better than hourly fees and expensive lawyers are not necessarily better than the lawyers who charge a lesser fee.

The attorneys can be hired for the following

Estate Administration

Representing Administrators and Executors.
Representing the Beneficiaries.
Caveats and estate litigation.

Guardianship

Contested Proceedings
Incompetency Proceedings
Administration of guardianship Estates.

Trust Administration

Trusts for children, special needs trusts, Life insurance trusts and revocable as well as irrevocable trusts.
Modifications to trusts with or without judicial involvement.
Trustee/ Fiduciary litigation.

Choosing the Attorney

An hour of the complimentary session is offered by most lawyers during which they introduce themselves, the services offered by them and details of some processes. In case you are charged for this session, it is still worth it as knowing and understanding your attorney is important before entrusting them with such a responsible task.

Conclusion

Good attorneys will establish good communication with the trustee and consult with him periodically through writing inquiring about any changes that the trustee would like to make. Be it drafting a will, forming a trust or disputing them, you will need to hire a reputed and well-experienced trust litigation lawyers to represent you.