A living trust is a trust that is created to avoid probate and is used to safeguard financial privacy in case the owner dies or is hurt and unable to take care of things themselves in some way. Hiring a Sanford Trusts and Estates attorney is recommended when it comes to drafting a living trust. There has been debate for years over whether a Sanford NC Trusts attorney is actually needed to write up this type of trust.
The Parts of a Living Trust
You don’t need much when you are writing up a living trust.
- The name of the person creating the trust, which would be you
- The name of the person who is controlling the trust, which once again would be you
- The name of the person that will take over the trust, if something should happen to you
- Names of the people who will benefit from the trust and who will take care of the trust for young children
All of this is relatively easy to do and only requires a simple template. However, if you feel that you will have issues with the estate planning or relatives that may give you a problem, it is best to hire a reputable trusts attorney to handle the situation.
Often there are issues in estate planning that aren’t covered by a basic living trust. In these cases, you will want to hire a lawyer to advice you on the estate and the living trust as well.
These are just a few of the reasons that you might need to hire a lawyer to help work out your living trust. It is possible to do it yourself; however, sometimes it is better to have legal counsel instead.