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3 Reasons To Hire An Attorney When Setting Up A Trust Instead Of Doing It Yourself

6 March 2017

Celina Henry

So you've decided to set up a trust for your children or perhaps some other relative. It's true that a simple Google search will pull up a lot of do-it-yourself kits that can help you set up a basic trust but relying on this information alone could lead to problems down the line. To ensure that your trust is set up properly and that there will be no problems for the trust's beneficiary in the years that follow, it makes a lot of sense to hire a trust lawyer to help guide you through the process. Here are three things a good trust lawyer can do for you.

Navigate Complex State Laws

Those do-it-yourself kits for creating a trust may have the basics covered, but chances are good that they will not prepare you to navigate potential complex laws within your specific state. Every state can be different but in general, there might be restrictions on things like who is allowed to serve as a Personal Representative, who is allowed to serve as a witness and other specific procedures that need to be followed during the trust's creation. If you don't follow your specific state's guidelines, it may be possible for someone else to challenge the terms of your trust down the line. Don't let this happen to you, hire an attorney who can make sure the fine details are correct.

Life is Messy

Another reason you should hire an attorney to create your trust is that there are often various complications that come up in life that your typical do-it-yourself kit will not be prepared for. For example, what if you own property in more than one state that you want to hand over to the trust beneficiary at a certain age? What if you want to provide the beneficiary with some assets but you want to stagger the release as they reach various different ages or put in a clause that prevents them from getting the assets if they don't live up to your standards? An attorney can help you navigate these complicated issues.

Peace of Mind for You and the Beneficiary

Finding out there is an error in your trust could cost your beneficiary or you a significant amount of money somewhere down the line. By setting the trust up correctly with an attorney the first time around, you and the beneficiary can both rest easy knowing that there are very clear guidelines in place. 

If you are going to set up a trust for someone, do yourself and the beneficiary a favor by hiring an attorney to hold your hand through the process. Setting up a trust can be complicated thanks to laws that can vary by state and you don't want your beneficiary to lose out on money or assets in the future thanks to your mistakes in the present. Reach out to an attorney today, like http://wrightlawidaho.com/, for more information.

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