Many people are turning to the Internet to take care of their estate planning. However, some tasks, such as creating a living trust, should be handled by an attorney. To help you discern whether or not you should call a professional to help you with the creation of the trust, here are some situations in which you should consider it.
You Have Significant Debts
When you create a living trust, it usually does not cover taking care of debts after you have died. Although you no longer have to worry about debts once you are gone, your estate has to. Your estate could be sued by your creditors, and this could negatively impact your estate's ability to ensure that all of your beneficiaries get the assets you wanted them to.
To avoid this problem, it is important that you talk to an attorney. He or she can help you establish a trust for some of your assets while leaving other assets to cover the costs of your debts.
You Have Estate Taxes
Regardless of if you have a trust or not, you still have to pay taxes. If you have a rather large estate, your executor could be forced to use part of it to pay your state and federal tax debts. By working with an attorney, you can find ways to reduce the amount of taxes that would need to be paid so that your estate is not overwhelmed with the debt.
You Do Not Have a Trustee
Without a trustee to manage your trust, you cannot have one. However, finding someone you trust enough to manage your living trust can sometimes be difficult. With an attorney's help, you can still create the trust, but set up an administrator through a trust company.
You also have the option of setting up a different method of handling your assets once you are gone. For instance, the attorney can help you establish a will to ensure your heirs get the assets you want for them or that your assets go to charity. Your attorney could even serve as the trustee if you want.
Setting up your own trust online is a good idea in some situations, but it is important that you do it right. To ensure that you have all your bases covered and that you should not opt for different estate planning, talk to an experienced attorney for guidance. For more information, contact Donald B Linsky & Associate Pa or a similar firm.