To find out what's right for you and get the most out of your living trust, it's important to know what to ask your lawyer. We've put together the top 10 questions you should ask your living trust lawyer so you know how to get started. If you rely solely on a trust for estate planning, assets that are left out of your trust will go through your state's intestate succession laws. A living trust is an easy way to plan the management and distribution of your assets, and you don't need an attorney to do so.
If you have additional questions or concerns regarding living trusts, or are ready to start creating your living trust, contact Waukegan's experienced living trust attorneys at Hedeker Law, Ltd. Most lawyers recommend that you also draw up a power of attorney that authorizes someone else to make legal and financial decisions on your behalf so that there is no doubt that you have someone to handle decisions if you are unable to do so. The other problem with a living trust is that it can only control assets that you specifically transfer to it, so if you forget to change ownership of something like a bank account, the trust won't cover you. With these top 10 questions to ask a lawyer about living trusts, you can optimize your living trust to best suit your needs.
While a living trust is great for efficiency, flexibility, and privacy, a will can address any asset you forgot to put in your trust. A special type of living trust called an AB trust transfers assets directly from one spouse to another and avoids estate tax. Find out the right way to fund your trust to achieve its goals and what assets you shouldn't transfer to your trust.