Hiring a trust attorney or an estate planning lawyer at large is a serious decision. This is why it has to be well informed. You need to know all there is to know to make the right decisions.
For starters, you should understand that there is a difference between a will and trust. Trusts are preferred in the place of a will by several people for several reasons. Be that as it may, it has its highs and lows.
For one, you need to make sure that plans are there to ensure the trust is properly administered. A trust attorney plays a huge role in making sure of this.
Once again, this explains why the choice of trust attorney has to be well informed. Just in case you are interested in knowing more about what trust is in the legal context.
This article will shed some light on things that people in Roseville need to know before hiring this legal practitioner. Most of the things discussed here will be based on the roles of this estate planning lawyer.
This is important as it would help you understand what to expect should you hire them in the long run. The details discussed here are very important, relevant, and concerns everyone. For this reason, you are advised to keep reading and to pay keen attention as you do so.
Who Is a Trust Attorney?
This is a legal practitioner that acts in an estate planning capacity by setting up a trust and ensuring that it is well administered, eventually. While setting it up, this legal practitioner makes sure that things are water-tight so that loopholes will not be taken advantage of in the near future. In the same vein, s/he plays a lot of roles in making sure it is well administered.
In choosing a lawyer that operates in this legal capacity, you should make sure the professional is state-licensed. This is because there are peculiarities in how various states expect these practitioners to practice.
As a resident in Roseville, you should make sure whoever you choose is licensed to operate in California and understands how things work here. This is very important and you should treat it as such.
Roles of a Good Trust Attorney in Roseville
If you do not understand the roles of these legal practitioners, then choosing the right one would be close to impossible. You might not even see the need to engage their services if you are not aware of what they do. To this end, some of the roles of a good trust attorney include the following:
Preparing their Clients and Those Involved for What Is Coming
There are estate planning firms that are more interested in winning over new clients. This is quite understandable but their roles are too sensitive for them to only be bothered about this.
This is why it is expected that a good one prepares their clients and those involved for what is coming. Death is indeed inevitable and they just have to find a way to prepare their clients for it.
Unfortunately, some firms do not do this. They even give the wrong impression that trust administration is quite easy. This is not true. It is not an impossible task but it is not without its hurdles.
So, proper planning means making those involved aware of their roles in the coming days. This is something that a good Trust Administration Attorney should do.
Advice on How to Plan One’s Estate
Perhaps this point should have come first but it is good even as a second point. You should know that all estate planning cannot happen the same way. This is because of the uniqueness of each case.
The way an estate will be planned will have to do with the assets involved, beneficiaries in question, and other things. For instance, a client that has children with special needs will need to set up a trust that would protect them come what may.
This kind of attorney is supposed to take note of the client’s peculiarities and advise the client on how to go about planning his/her estate. This is something that a good one should be committed to doing.
When the client eventually passes away, some parties need to be notified of the situation. It is also important that this is done on time to avoid certain complications.
Parties like the health department, insurance company, credit card service provider, bank(s), IRS, and several others need to be made aware. Amongst other things, this legal expert is supposed to work hand in hand with especially the trust administrator to notify all these parties.
Frankly, this legal practitioner is very much needed after the client’s demise. This is why the needful has to be done in planning well ahead for this time as explained above.
One of the areas of planning has to do with estate management. By this, we mean the legal practitioner should help out with:
- Reporting losses and gains to the pertinent authorities
- Filing taxes
- Valuing the asset left behind by the deceased
- Ensuring that outstanding bills and debts are reconciled
The whole point of settling up a trust is making sure the beneficiaries get what the grantor wants them to get. This is one of the most important roles of this legal professional. This legal professional is there to make this happen by ensuring assets are distributed accordingly.
There are also situations where a special trust is set up for people that cannot benefit from the asset immediately. This legal practitioner is there to make sure these beneficiaries get what is rightfully theirs at the end of it all.
Some people might doubt the validity of the trust and challenge it. A lawsuit might even happen. Well, this is one of the many reasons this attorney is there. S/he is supposed to take care of this in the best way possible.
We did explain at some point that there are state laws that determine how trust administration should play out. This legal practitioner is supposed to make sure compliance is not a problem. If you are interested in knowing about California state law on this subject, you can click here.
Having ended up here, you already know some of the major roles of trust attorneys in Roseville. As a result, you are better equipped to choose the right legal practitioner for this purpose. Going forward, you are advised to make the right legal decisions in the best interest of your estate.