There are many living trust benefits that you may wish to consider as you make an estate plan or an asset protection plan. However, many people also have misconceptions about what living trusts can do and are not aware of the limitations. To ensure that you choose the right type of trust for your situation and to make certain that the trust you create is legally valid, it is best to get legal help.
The best way to learn about living trust benefits is to talk with a Burlington estate planning lawyer who can evaluate your situation and explain exactly what a living trust can do to help you accomplish your goals. There may also be other sources of information available to you, but you need to be careful about what you read and who you listen to when it comes to something as important as trust creation. If you want to ensure you are getting accurate details and making the most informed possible choice, contact Unsworth LaPlante, PLLC today.
Where Can You Learn About Living Trust Benefits?
It is important to be careful when researching estate planning information, as laws vary from state to state. You also cannot necessarily trust everything that you read from every source, as there could be incorrect information or complicated legal information that is hard to interpret. To make sure you get the right details that you need to decide whether to make a trust and what type of trust is right for you, you should:
- Talk with an attorney. This is your best option to get personalized advice and to find out in detail about the benefits that a living trust can have in your own specific situation. You should make sure your lawyer actually has the extensive experience with estate planning that is necessary to offer you the best advice. Look for a lawyer who is part of the American Academy of Estate Planning Attorneys, which requires demonstrated expertise and ongoing continuing legal education. An attorney with this qualification knows how to provide the advice that you need.
- Review the Vermont Trust Code: The Vermont Trust Code is found in Title 14A . The Code contains general provisions about trusts, information about different types of trusts, details about trustees, and much more. Knowing the law is important and you can learn about how trusts work and what the benefits of living trusts are.
- Find resources at the American Bar Association. The ABA is a nationwide professional organization for attorneys. The ABA has accurate information about living trusts.
You need to consider the source of any information you review about living trust benefits, because you cannot afford to take bad advice when it comes to something this important to your future.
What are Some Living Trust Benefits?
Living trusts have several key benefits, including flexibility; protection of assets; and probate avoidance. Living trusts allow you to make modifications and changes, and even to revoke the trusts. This flexibility is in contrast to irrevocable trusts, which cannot be modified once created.
Living trust also allow you to protect assets because a backup trustee will begin to manage trust assets in the event of your incapacity. This can help you to avoid losses from mismanagement and can spare your family from having to go through guardianship proceedings. Finally, assets held in a living trust can pass outside probate, which saves your family money and stress and allows you to ensure new owners take control over assets as soon as possible.
Living trusts, however, also have limitations- including not helping you to avoid estate taxes or shield assets if you need Medicaid to pay for nursing care. An attorney can explain pros and cons so you can make informed choices.
Getting Help from a Burlington Trusts Lawyer
You can learn more about living trusts and about their use in a comprehensive estate plan by downloading our free estate planning worksheet. However, there is never any substitute for proper legal advice on trust creation- no matter how good the source of information.
If you want a lawyer you can count on to provide you with details on all different types of trusts, on the role of trusts in an estate plan, and on how you can create a trust that protects your interests, give Unsworth LaPlante, PLLC a call today. You can reach us at (802) 879-7133 or contact us online now to find out more about how a Burlington trusts lawyer can assist you with making trusts work to achieve your goals.
Latest posts by Stephen Unsworth (see all)
- Estate Planning for Family Owned Businesses and Farms - March 18, 2019
- What Are the Responsibilities of the Probate Court? - March 6, 2019
- Special Needs Planning and Estate Recovery - January 30, 2019