As you begin estate planning, you may wonder what a family trust attorney in Albany, GA, does and whether you need one. This article will answer some of those frequently asked questions that occur to people as they start thinking about estate planning. What Is a Trust? A trust gives savvy planners a way to leave their belongings to their loved ones while avoiding the harrowing probate process. An attorney typically files the paperwork to create a trust. A living trust places your assets in a trust that is distributed privately to your heirs when you die. Why Not Go through Probate? Probate is the legal process required when someone dies without leaving behind a plan for the distribution of assets. In probate, a court tallies all of the assets of the deceased, pays the debts, and then distributes what’s left to heirs. In the absence of a will, the court decides who gets what. It’s a slow, public, and expensive process that can quickly dwindle what could have been a decent inheritance down to nothing. What Does a Trust Attorney Do? A trust attorney sets up a trust on your behalf. The attorney you hire will be tasked with ensuring that your assets are distributed exactly the way you want them. Your trust attorney will also provide legal advice to your trustee, the person who is in charge of managing your trust. You don’t have to name a family member as trustee; you have the option of naming an impartial attorney as the manager of your trust. What Does It Cost to Establish a Trust? The size of your estate and the complexity of your trust will determine the costs of your trust attorney. Most attorneys will charge hourly rates for the tasks they must do to create and file your trust. Obviously, the larger and more complex the trust, the more time-consuming the paperwork. Ensuring your loved ones can avoid the costly and public process of probate is a good reason to consider finding a family trust attorney in Albany, GA.
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