Choose An Albany Family Trust Lawyer To Help Create A Trust
If you are considering creating a family trust, you should seek the advice of a family trust lawyer first. Creating a trust can be complicated, especially if there are issues with dividing assets or who controls the trust. Most of us like to think that our family will act like adults when they are dividing our estate. The truth, unfortunately, is that more often than not, disagreements over who gets what occur. When this happens, even the best families may end up not speaking to each other. Setting up a trust can help alleviate some of this tension. The decision is taken out of the hands of the heirs and is set down in writing.
It is possible to create a trust that defines how your assets are divided and put it in place before you die. This is called a living trust and helps transfer property and money to avoid probate. It also clearly designates who will own the property, hopefully heading off any hard feelings. Using a lawyer will help ensure all the details are considered and everything is legally binding.
It isn’t difficult to create a living trust, but it is a good idea to have a family trust lawyer in Albany help with the language and getting it filed. Choose a lawyer who specialises in wills and estates. This is a complicated area of the law and not all lawyers are experienced in the nuances. An estate lawyer understands the laws and will make recommendations on the best legal instruments to use.
Most people create a living trust to simplify the estate settlement and avoid the probate process. Probate can take a very long time. If an estate is in probate, the court decides how the assets will be divided. Family disagreements can erupt and family members can protest the will. When this happens, the probate of the estate can extend into months and even years before it is settled. When this happens, the only winners are the lawyers.
The best way to avoid disagreements and tension is to create a trust. Property ownership is transferred to the trust and the individual no longer owns the asset. It belongs to the trust and is, therefore, exempt from probate. When a trust is funded, new property titles are created. This means any asset transferred to the trust must have a new title. This includes land, residences, cars, and recreational vehicles. It is also possible to transfer bank accounts to the trust.
When property is transferred to a trust, certain forms must be filed and legal documents signed and notarized. This is where an estate lawyer can really help. They are familiar with all requirements and can ensure all documentation is prepared correctly and all signatures witnessed.
The trust will be managed by a trustee who is often the lawyer arranging the trust. This person should have no preference or bias concerning the estate. Upon the death of the individual, the trustee takes over and administers the trust in accordance with the individual’s requests. This relieves family members of the burden of deciding how to divide the estate.