Burlington living trust attorneys provide assistance with every decision that you need to make as you create a revocable living trust. You need to determine first if this type of trust is right for you and then you need to make a number of decisions as you create your trust document. Unsworth LaPlante, PLLC can help with each of the choices that you must make so you can make a smart and informed decision about creating a trust.
One of the most important decisions that an attorney can assist with is the choice of who should be the trustee for your living trust. The trustee has a lot of responsibility and that person needs to be someone who you can count on to make the right choices and manage your funds in a way that you would approve of. Give us a call to find out how Burlington living trust attorneys can help you to make a decision on who to name as the trustee for your revocable living trust.
Who Should You Name as the Trustee for Your Living Trust?
When you create a living trust, you are still able to retain a substantial degree of control over the assets that are held within that trust. This distinguishes a living trust from an irrevocable trust, where you must give up most of your control to get the protections that an irrevocable trust would provide to you.
Because of the rules for living trusts, you are able to serve as your own trustee if you want to do so. As a result, many people who create a revocable living trust do decide that they want to be the trustee and stay in charge of managing trust assets during the course of their lifetimes. Married couples may also decide that they want the husband and wife to be co-trustees so they both have the authority to manage the trust assets.
Choosing a Successor Trustee
If you decide that you (or you and your spouse) are going to be trustees for your living trust, you still want to name a successor trustee or a backup trustee who can take over the management of your assets if something happens to you.
Some of the main benefits of a living trust include the ability to have a backup trustee immediately take over the management of your wealth when something happens to you, and being able to transfer the wealth held in a living trust outside of the probate process and through the faster trust administration process. To take advantage of these benefits, you want to name a backup trustee who you are confident will be able to fulfill the necessary roles if you become sick or after you pass away.
The person who you name as the backup trustee is going to have a fiduciary duty so will have a legal obligation to make decisions benefitting trust beneficiaries. You want to ensure that the person who you name to fill this important role actually has the knowledge and skill to manage the assets that are held within the trust and to follow your instructions for what should happen to those assets after you pass away.
Serving as a trustee can be a lot of responsibility and there are numerous important decisions that must be made by whomever has been selected to serve as the trustee. You want to ensure that the person who you select is someone who you think will act in a way that you would approve and is someone who is willing to take on the responsibility. It can be helpful to talk with the person who you are considering naming as the successor trustee before you create the trust document.
Getting Help from Burlington Living Trust Attorneys
Unsworth LaPlante, PLLC can provide assistance in deciding whether you should create a living trust or whether another option like an irrevocable trust might better serve your goals. Once you have decided a living trust is the best choice for your needs, your experienced attorney will help you through choosing a trustee, funding your trust and making the other necessary decisions to create a trust that provides the protections you expect.
To find out more about how Burlington living trust attorneys at Unsworth LaPlante, PLLC can help you, join us for a free seminar. You can also give us a call at (802) 879-7133 or contact us online to get personalized help and advice with creating your trust. Call today to get started working with a lawyer who can help you to keep your wealth safe and secure.