One major aspect of estate planning is the revocable living trust. Not everyone creates a living trust, nor does everyone need one. A living trust administers your assets for your benefit, or that of another person or organization, while you are still alive. This is a good option for someone who wants more control over their assets while they are still alive and
the disposition of his or her assets and wants to remain in control before they pass away.
Many people who know what they want see no problem with preparing their own provisions with a do-it-yourself form. After all, such forms are cheaper than legal counsel and are easily accessible online and in legal form books. But is this really a good idea?
In a word, no. DIY forms seem like a good idea, but their legal value is questionable. There might be little harm in this option if everything is straightforward and there are no complications. However, an experienced estate planning attorney will help you to understand the legal issues involved in living trusts and can ensure that your provisions are solid. An attorney can also foresee potential complications that you might not think of, helping to save your family heartache and expense later on.
The concept behind estate planning is to save your family as much additional burden as possible while coping with the grief of their loss. Avoid DIY estate planning, no matter how tempting it may be, and consider the expense of an attorney an investment in your loved ones and a small token of your care and concern for them.
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- Do You Still Control Property in a Living Trust? - March 31, 2021