does an estate lawyer continue to be your lawyer when the trust is complete

Once your Will and Trust are complete, it is easy to believe the guidance of an estate planning attorney will no longer be needed. As explained in this article, this is not typically true.

Full Answer

Do I need a trust lawyer to execute a trust?

It is therefore incumbent upon the trust lawyer to secure this requisite before the power of attorney can be permitted. As to the execution of trust, it is upon the wisdom of the trust lawyer to determine the type of trust you have to execute that is suitable to your own needs.

What does a trust lawyer do for estate planning?

Setting up a trust has been a popular estate planning tool, especially if you want to leave properties and assets to your loved ones without the hassle of undergoing the probate process. In a trust, the creator or trustor transfers his property under the care of a trustee, who can be a trust lawyer, in favor of the beneficiary.

Is it possible to handle an estate without a lawyer?

But if you're handling an estate that's straightforward and not too large, you may find that you can get by just fine without professional help. Here are some circumstances that make you a good candidate for handling the estate without a professional at your side.

What happens to a living trust when the trustee dies?

Well, a living trust, i.e., a revocable trust automatically converts to an irrevocable trust at death. If a Social Security check is in the mail, the Trustee should return to the state. Once all the assets, taxes, debts have been distributed and paid off, then dissolving the Trust is possible.

How a trust works after death?

If a successor trustee is named in a trust, then that person would become the trustee upon the death of the current trustee. At that point, everything in the trust might be distributed and the trust itself terminated, or it might continue for a number of years.

How are assets distributed from a trust?

To distribute real estate held by a trust to a beneficiary, the trustee will have to obtain a document known as a grant deed, which, if executed correctly and in accordance with state laws, transfers the title of the property from the trustee to the designated beneficiaries, who will become the new owners of the asset.

What are the responsibilities of a trustee of an estate?

The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust. Both roles involve duties that are legally required.

What happens to an irrevocable trust when the trustee dies?

If an irrevocable trust's trustee dies, then the trust agreement generally appoints a successor trustee which can be an individual, public trust company or a privately held trust company. If the trustee of a family trust dies then a successor trustee, which is generally determined beforehand, will be appointed.

Who has the legal title of the property in a trust?

The TrusteeThe Trustee is the person or financial institution (such as a bank or a Trust company) who holds the legal title to the Trust estate. There may be one or more trustees.

How long does it take to get inheritance money from a trust?

Once this document has been obtained from the Probate Registry, an official copy will need to be sent to all of the banks and financial institutions that have asked to see it. Generally, collecting straightforward estate assets like bank account money will take between 3 to 6 weeks.

Who usually manages a trust?

The TrusteeThe Trustee is the individual who is responsible for managing all of the assets in the Trust. Usually while the Grantor is still alive, they act as the Trustee until they're unable. If the Grantor dies or becomes incapacitated, the Successor Trustee takes over management of the Trust.

What a trustee Cannot do?

A trustee cannot lie about anything related to the trust. A trustee cannot provide false information to the beneficiaries or the court. For example, when a beneficiary asks about something relating to the trust, the trustee must answer truthfully.

Can a trustee do whatever they want?

The trustee cannot do whatever they want. They must follow the trust document, and follow the California Probate Code. More than that, Trustees don't get the benefits of the Trust. The Trust assets will pass to the Trust beneficiaries eventually.

Who owns the assets in an irrevocable trust?

Who Controls an Irrevocable Trust? Under an irrevocable trust, legal ownership of the trust is held by a trustee. At the same time, the grantor gives up certain rights to the trust.

Who is the responsible party for an irrevocable trust?

So, once the assets go into the irrevocable trust, the trustee, as fiduciary for the beneficiaries, has the legal responsibility for, among other things, making sure the taxes are paid appropriately. Thus, the trustee is the responsible party.

Do you pay taxes on an irrevocable trust inheritance?

Grantor—If you are the grantor of an irrevocable grantor trust, then you will need to pay the taxes due on trust income from your own assets—rather than from assets held in the trust—and to plan accordingly for this expense.