WHY USE A LAWYER AND NOT A KIT

Any trust is a complex legal document. It has many provisions, each should be appropriate for your situation. A trust should be part of an effective estate plan that allows you to conserve your assets for yourself and for your beneficiaries of choice. 

Your trust should accurately reflect your wishes after consultation with a competent attorney who knows your family and financial circumstances. Preparing a trust should be a collaborative process between yourself and your attorney. This is the time to review the title to your financial accounts and real property, look at the beneficiary designations on your life insurance and retirement accounts. Discuss family and life changes, such as sickness, death of loved ones, divorce, marriage of children, birth of grandchildren, charitable intentions.  This is not done when you simply pick a form in a store or online. 

Your trust and other estate documents should be coordinated.  Your Last Will and Testament, Durable Power of Attorney and Advance Medical Directives should all be considered together when preparing your trust.

Your must conform to the laws of the state of your domicile. Each state is different. Some states impose an estate tax on the transfer of property at death. Other states do not. Some states have inheritance taxes. Gifts made during life and gift taxes must also be considered. There may also be a federal tax on the transfer of property at death.

There are numerous provisions and techniques that can be used in trusts that will significantly reduce and sometimes eliminate taxes, but they must be included in your documents to be effective.  Also the title to your properties may have to be changed to take advantage of these techniques.  A form is not going to do that.

Your trust is important to you and your family.  Don’t leave it to chance.  Don’t try to save a penny and lose a pound.  A properly prepared trust will provide significant savings and convenience for yourself and your loved ones.  It can be a real gift to yourself and your family. Let a competent lawyer prepare it for you. Call Wills and Trusts LLC to prepare your documents for you.