Make sure your loved ones are set for life, even if you aren’t there to see it happen. Establish a will to help protect your interests and those of your loved ones.
A Basic Definition
It is different from a will, which comes into play only when you pass away. On the other hand, living trusts are active throughout your life. Investopedia says it’s basically an arrangement that allows you to transfer ownership of any property you have while you live.
Set It Up
The first step to setting one up is finding the right attorney to prepare the documents for you. You should look for someone with experience in dealing with living trusts. An estate planning attorney can help. Whether you want to draw one up or make revisions to an already existing document, you’ll need a lawyer to get this done. Just make sure your estate planning attorney has worked with these before and not simply with probates or wills.
Ask for Referrals
You can ask for referrals from people in your network. If there are any certification programs for lawyers on estate planning near you, get in touch with them as well. Once you generate a list, you should talk to each one until you find the best one to work with.
All About Trust
While you should get the basics out of the way—education, training, specialization and skills, even years in the industry—there’s but one rule you need to remember: choose someone you’re comfortable with. If you think something’s fishy or you feel like you aren’t getting the service or treatment you should, walk away and find someone else. Being able to put your faith in someone’s abilities is a huge part of this process and if you feel that isn’t possible with your lawyer, then walk away and look until you find one who makes it possible.