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Why Do You Need a Lawyer to Set Up a Trust?
Whether you are interested in setting up a trust for financial purposes or you simply want to ensure that your family is well-provided for after you are gone, it is reasonable to ask “Why do you need a lawyer to set up a trust?”
If you have a relatively small amount of assets with few instructions for disbursement, then hiring an estate planning lawyer to set up a trust for you may not be necessary. However, if you intend on setting up a trust that includes large assets, detailed instructions, and/or multiple people, hiring an attorney may be in your best interest.
Regardless if you ultimately choose to hire an estate planning lawyer in your area or not, it can be helpful to at least schedule a free consultation with an attorney.
What is a Trust?
A living trust is essentially a document created by the grantor (also called trustor, settlor, or trust maker) that gives a way to manage as well as disperse assets to specified beneficiaries upon their death.
A trust is typically one piece of a comprehensive estate plan. Once the grantor transfers their assets to the trust, the assets no longer belong to them. They will be owned by the trust and under the control of the named trustee.
It is important to note that the trustor may also be the trustee (depending on the type of trust) until they are incapacitated or pass away. Trusts can be used as financial tools as well as vehicles to pass money, assets, or property to another person or organization. The most common types of trust funds include revocable, irrevocable, and testamentary.
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