what should i take to a lawyer to decide if i need a will or trust

#1 – Know your Assets, generally You will need a general idea of what your assets are before meeting with a lawyer to create your Last Will and Testament. This knowledge of assets includes how your assets are titled. You will need to know whether or not they are jointly titled.

Full Answer

Do I need an attorney to draw up a trust?

If you don't want to make your own trust, or if you need more than a simple probate-avoidance trust, you can work with an attorney to draw up a trust to meet your specific needs.

What should I look for when hiring a trust and Estates lawyer?

Expertise. Specifically, find out if the lawyer will handle a case like yours. Trusts and estates lawyers often specialize in a particular area—in estate planning, probate, trust administration, special needs issues, elder care, or other specific legal issues.

Do I need a lawyer to make a will?

In short, no, you absolutely do not need a lawyer to make your Will. That said, legal counsel can offer guidance and advice if you are nervous or have questions about Will preparation for the first time.

Do I need a trust instead of a will?

A common question an estate planning attorney often hears from clients is "How do I figure out if I need a trust instead of a just will?" Many people assume that revocable living trusts are just for wealthy people, but the benefits that they can offer to someone with even minimal wealth are significant.

How do you decide whether to trust or will?

Factors to Consider When Choosing Between a Living Trust and a WillYour location. ... Your assets. ... Taxes. ... Your beneficiaries. ... Likelihood of your estate being contested. ... Your confidence in your potential trustee. ... Your current financial situation.

Which is more important a will or a trust?

However, a trust without a will can present problems with respect to assets outside the trust that become subject to intestacy laws. Larger and more complex estates may benefit by using both arrangements. Even if most of your assets are held in ways that avoid probate, it usually is advisable to have a will.

Which is stronger a will or a trust?

Though both wills and trusts are legal documents to manage your estate, they are created under different laws. Trusts fall under contract law, and wills under testamentary law. Contract law is held to a stricter standard than testamentary law, which means that a living trust generally supersedes a will.

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.

What is better a revocable trust or a will?

The difference between a will and a trust is when they kick into action. A will lays out your wishes for after you die. A living revocable trust becomes effective immediately. While you are alive you can be in full charge of your trust.

At what net worth do I need a trust?

Here's a good rule of thumb: If you have a net worth of at least $100,000 and have a substantial amount of assets in real estate, or have very specific instructions on how and when you want your estate to be distributed among your heirs after you die, then a trust could be for you.

Who has more right a trustee or the beneficiary?

If we think about the basics of Trust law, a proprietary right to Trust documents seems to make perfect sense. Under a Trust, a legal person holds property or assets for the benefit of another. That is, the property has vested in the Trustee, but the true owner is the Beneficiary.

What are 3 advantages of a trust over a will?

However, there are some distinct advantages of using a trust over a will.Privacy. One distinct advantage of using a trust over a will is the privacy that it offers. ... Control. ... Conditions. ... Probate Avoidance. ... Accessibility. ... Avoidance of Conservatorship Proceedings. ... Flexibility. ... Quicker Disposition.More items...

What should you not put in a living trust?

Assets that should not be used to fund your living trust include:Qualified retirement accounts – 401ks, IRAs, 403(b)s, qualified annuities.Health saving accounts (HSAs)Medical saving accounts (MSAs)Uniform Transfers to Minors (UTMAs)Uniform Gifts to Minors (UGMAs)Life insurance.Motor vehicles.

How much does it cost to maintain a trust?

The national average cost for a living trust for an individual is $1,100-1,500 USD. The national average cost for a living trust for a married couple is $1,700-2,500 USD.

Does a will override a trust?

Does a Will Supersede a Trust? Once the grantor funds the trust, it cannot be vacated by anyone. This includes the grantor. This means that a will cannot supersede a trust after the grantor dies.

What does putting a house in trust mean?

What is a trust? A trust is a legal arrangement where you give cash, property or investments to someone else so they can look after them for the benefit of a third person. For example, you might put some of your savings aside in a trust for your children.

What does a probate lawyer want to know?

In addition to a general understanding of your legal needs, the lawyer may want to know who else is involved with the case and their relationship to you. For example, in some probate matters, a client visits the lawyer to seek help for his or her parents or siblings.

How to start a relationship with an attorney?

After you decide on which attorney to hire, you’ll sign a fee agreement and officially begin your relationship with your lawyer. The first meeting with an attorney usually involves the exchange of a lot of information. You will spend a good deal of time explaining to the attorney the details of your legal issue and answering his or her questions. He or she will spend a good amount of time discussion and laying out a plan. If you think you might get nervous or forget something, you could practice this conversation with a friend, or you could write down what you want to say.

What to talk about at a lawyer consultation?

At the consultation, be prepared to talk about your case. The lawyer may not too many details of your case before you sign a fee agreement, but you should be prepared just in case.

What to do if a lawyer doesn't ask for documentation?

Even if a lawyer doesn't ask for documentation beforehand, it's still a good idea to bring a copy of all relevant documents to the meeting. Spend some time thinking about what you may have on hand. Try to organize the documents in a logical manner before you meet with the lawyer.

How to save money on legal fees?

To save money on legal fees, take the time to select a good lawyer, prepare well for your first meeting, and do everything you can to reduce the time that lawyer will have to spend on your case . Even eliminating one email exchange could save you hundreds of dollars.

How to save money on trust and estates?

Do everything you can to reduce the time that lawyer will have to spend on your case. Even eliminating one email exchange could save you hundreds of dollars. ...

What happens at your first meeting with an attorney?

The first meeting with an attorney usually involves the exchange of a lot of information.

When can a parent dictate in a trust when the children inherit?

Also, the parent can dictate in the trust when the children will receive their inheritance, such as age 25 or 30 instead of 18.

Why do you need a revocable living trust?

The two main reasons are to keep you and your assets out of a court-supervised guardianship and to allow your beneficiaries to avoid the costs and hassles of probate . 1  The minimum net worth necessary for a single person to consider using a Revocable Living Trust will vary from state to state.

What is a last will and testament?

A last will and testament that is filed with the probate court becomes a public court record that anyone can read (for example, you can see what the Last Will and Testament of actor James Gandolfini says). Contrast this with a Revocable Living Trust, which is a private contract between you as the Trustmaker and you as the Trustee. 10  Unless your beneficiaries have to go to court over something written in your Revocable Living Trust agreement (like Michael Jackson's heirs), then the document should remain a private document that only the trustees and certain beneficiaries will be able to read after your incapacity or death. 11 

Do trusts work if they are not funded?

One Last Thought: Trusts Don 't Work If They're Not Funded. Of course, if you find yourself in need of a Revocable Living Trust, then be sure to fund your assets into your trust and update your beneficiary designations, otherwise, your trust won't be worth anywhere near the money you spent on it.

Can you own real estate in more than one state?

Real Estate Located Outside of Your State. If you own real estate in more than one state, then you'll need to establish a Revocable Living Trust and deed the out-of-state property into the trust. Otherwise, your family may be faced with two separate probate estates—one in the state where you live, and a second in the state where your real estate is ...

Why do people want a last will and testament?

The reason a person wants a Last Will and Testament is so they may decide what happens with their affairs (to the extent the law allows) after their death. You decide who gets what. You decide who handles the business affairs. You decide whether and how they are compensated.

What to include in a last will and testament?

These are your “heirs.” Your heirs would include a wife, whether they are a real wife or simply claiming they are your wife or spouse. Your heirs would include all of your children or those who might be your children, whether they are a legitimate child or an illegitimate child. You will need to identify your brothers and sisters as potential heirs. This is because it is likely the probate court whether you have a Will or do not have a Will, will insist these people be identified.

What powers does an executor have?

Executors have all those powers, plus the powers and authority you give them (to the extent you can give power) in your Last Will and Testament. This additional sets of powers can include the specifics of assets sales, assets given as part of your Codicil, and other matters you include in your Will.

What is the difference between an executor and an executrix?

Here are the differences: Executor = a male person who is named in your Will to take charge of your Estate. The Executor is responsible for wrapping up your paperwork and other legal affairs and distributing your assets to whomever you name in your Will. Executrix = a female who fulfills the role of an Executor.

What happens to your estate after you die?

They will have a period of time under the law to make claims against your estate. Your estate is the total amount of property you “own” after your death.

What is it called when you die without a will?

Persons who die without a Last Will and Testament are known as dying “intestate. ”. This means their property and the other matters relating to their death (from a legal standpoint) are decided according to the laws of intestate succession as applies to the state in which they resided at the time of their death.

Is it normal to put a paragraph in a will?

It is normal in a Last Will and Testament to put a paragraph as to what your desires are for who should serve as a guardian/custodian for a minor child after your death. It is important to note; you do not have the power to decide who will actually be the guardian or custodian of your minor children after you die.

What is a will?

It’s a means of protecting your financial wishes and leaving your belongings to your beneficiaries.

Can I trust a lawyer?

Sure, you can take the DIY route. But a will and trust lawyer is your go-to when it comes to guaranteeing accuracy and validity without leaving anything out. They have the uncanny ability to ensure that all your t’s are crossed, and I’s are dotted. So, they’re your best bet when it comes to ensuring that your wishes are fulfilled.

Why do people create living trusts?

Most people create a living trust to avoid probate, but you can also use a living trust to name beneficiaries, set up property management for young beneficiaries, and give someone control of your property if you become incapacitated.

Who can be a successor trustee?

Many people choose a grown son or daughter, other relative, or close friend to serve as successor trustee.

What is the right way to go if you are married?

If you are married or in a domestic partnership and you and your spouse or partner own most of your property together, a shared trust may be the right way to go. Your other choice is two individual trusts. 2. Decide what items to leave in the trust.

Can a child inherit trust property?

If children or young adults might inherit trust property, you should choose an adult to manage whatever they inherit. To give that person authority over the child's property, you can make him or her a property guardian, a property custodian under a law called the Uniform Transfers to Minors Act (UTMA), or a trustee.

Can you make a living trust document yourself?

You can create a simple living trust document (formally known as a Declaration of Trust or trust instrument) yourself, if you have good information and help. For example, you could use either Nolo's Living Trust or Quicken WillMaker.

Can you name a beneficiary in a trust?

It's perfectly legal to name a trust beneficiary—that is, someone who will receive trust property after your death. In fact, it's common. Once you've made your choice, discuss it with the person you have in mind to make sure he or she is willing to take on this responsibility. 5.

Can you hold all your property in a trust?

You probably don't want to hold all your property in your living trust -- just the big-ticket items that would otherwise go through probate. 3. Decide who will inherit your trust property. For most people, choosing family members, friends, or charities to inherit property is easy.

What is a last will and testament?

Having a last will and testament ensures your wishes will be followed and your loved ones are taken care of after your death. It may seem like a daunting task, but this easy-to-follow framework will help you gather everything you need to make a will. After you have all the information and documents you need, making your will is as easy as sitting ...

Who is the executor of a will?

Name an Executor. The person who will handle your estate and the provisions in your will is called the executor. You designate this person in the will. You should make sure the executor will be up to the task of handling your estate and also that the person is open to accepting the responsibility.

Can you bequeathe property in a will?

Some assets cannot be bequeathed within a will (or may be better handled in other ways such as living trusts ), but at this point, you should get all the assets down on paper so you know what you're dealing with. When listing your assets, remember you can only distribute property you own solely.

Do you have to list beneficiaries in a will?

Listing your beneficiaries may seem unnecessary, but remember recent births, deaths, marriages, divorces, etc., may influence who you wish to include in your will. At this point, you don't need to specify who you want to receive what; just focus on the people involved so you know you won't be forgetting anyone.

Can you leave property in your will if you are married?

That is, if you are married and your spouse holds joint title on an asset, you cannot leave that property to someone else in your will.

How many witnesses do you need to make a will in Arizona?

Requirements to finalize a Will in Arizona: To finalize a Will in Arizona, you must sign in front of two witnesses. Your witnesses will also need to sign, but they don’t need to do so immediately. State law in Arizona says your witnesses must sign “within a reasonable period of time” after you’ve signed.

Who is the executor of a will?

Choose Your Executor & Beneficiaries. Executor: The Executor of your Will is the person you name who will be responsible for settling your estate upon your passing. Choose someone trustworthy and capable of handling the financial, legal and moral obligations required to complete the process.

What is digital estate plan?

A digital Estate Plan is exactly what it sounds like - the plan to handle all your digital assets after your passing. Digital assets are any of the electronic accounts or programs that you log into and/or use online or on a computer, laptop, mobile device or tablet.

Is a digital estate plan binding?

Make sure your digital Estate Plan is legally binding - be sure to note in your Will that you have a digital plan to ensure it’s recognized. You should have an exhaustive list of all of your digital accounts along with someone appointed to manage them in the event you can no longer do so yourself.

Is a will necessary?

But writing a Will is an important, necessary part of every Estate Plan. When you have an effective Will in place, you can rest easy knowing that you’ve set up your family and loved ones with the protection they need when they’ll need it most - when you’re no longer there to protect them yourself.

Do you need to write a will if you have children?

You have children or other dependents. If you fall into any of the above categories, regardless of your age or state in life, you need to write your Will. Without proper Estate Planning, you’re essentially allowing the courts to make all the decisions about your interests after you pass away.

Is it a good idea to write your final wishes in a will?

This makes it more likely that your wishes will be honored as you intend. It’s also a good idea to identify your final wishes in your Will. Grieving family members will appreciate not having to wonder about the best way to pay tribute to your life.