can i use a different lawyer than the one who created the trust

Do I need an attorney to create a trust?

Mar 03, 2011 ·

Do I need an attorney to modify or revoke a trust?

What is an attorney trust account and why is it important?

Mar 24, 2022 · You do not need an attorney to make a basic trust, but you will need to know how to form a trust on your own. Many people who want to create a living trust contemplate hiring a living trust lawyer. Hiring a living trust lawyer can cost between $1,200 to $2,000. For simple situations, you can use do-it-yourself books or software and pay around $60.

Can a drafting attorney serve as a trustee?

Jul 21, 2015 · An attorney can create this special trust for you. You need help transferring assets. If you aren't sure how to legally transfer your assets into the trust, a will and trust attorney can help you do it correctly so that your trust can go into effect. A living trust is an excellent way to manage your assets during your life and ensure they are distributed to your …

Who is the person who creates the trust?

grantorThe person who creates a trust is referred to as the grantor or settlor of the trust. The trustee is the person or institution charged with holding the assets and administering the trust according to the provisions of the trust document.Dec 10, 2017

Who holds the real power in a trust the trustee or the beneficiary?

A trust is a legal arrangement through which one person, called a "settlor" or "grantor," gives assets to another person (or an institution, such as a bank or law firm), called a "trustee." The trustee holds legal title to the assets for another person, called a "beneficiary." The rights of a trust beneficiary depend ...Jun 22, 2021

Who represents the trust?

Those of us who routinely represent trustees may have casually said “I'm the attorney for the trust” on occasion. Technically, of course, you are not the attorney for the trust. Instead, you are the attorney for the trustee who is administering the trust.Dec 1, 2014

Can a trustee withdraw money from a trust account?

Trust money can only be dispersed in accordance with a direction given by the person on whose behalf the money is been held. Further, trust money can only be withdrawn by cheque or electronic funds transfer. Regulation 65 of the Regulations governs the withdrawal of trust money for the payment of legal costs.

Can a trustee withhold money from a beneficiary?

Can a trustee refuse to pay a beneficiary? Yes, a trustee can refuse to pay a beneficiary if the trust allows them to do so. Whether a trustee can refuse to pay a beneficiary depends on how the trust document is written. Trustees are legally obligated to comply with the terms of the trust when distributing assets.

What are the three forms of trust?

To help you get started on understanding the options available, here's an overview the three primary classes of trusts.Revocable Trusts.Irrevocable Trusts.Testamentary Trusts.More items...•Aug 31, 2015

What are the disadvantages of a trust?

What are the Disadvantages of a Trust?Costs. When a decedent passes with only a will in place, the decedent's estate is subject to probate. ... Record Keeping. It is essential to maintain detailed records of property transferred into and out of a trust. ... No Protection from Creditors.Oct 23, 2020

What happens when a trust is formed?

Therefore, a trust is formed when a settlor contributes property to the trust for the person he intends to benefit, or the beneficiaries. The trustees of the trust are appointed by the settlor to manage and control the trust's assets, according to the instructions set out by the settlor.May 15, 2017