Responsibilities of and Expectations for a Lancaster Trust Attorney
Before you hire a Lancaster Trust Attorney, it’s important that you understand exactly what they are capable of doing for you. Your expectations need to be realistic and the only way that can happen is if you know what the responsibilities of a trust attorney are. Some of those responsibilities are set by the law itself and others are designated by the parties involved in the creation and administration of the trust. In certain cases, the administrator of the trust may be the trust attorney himself.
How do you determine how exactly you want your trust fund to work? A “trust” is an instrument by which you transfer property to a person or corporation for the benefit of another person. There are two common types: revocable and irrevocable. One can be changed after it is created and the other cannot. In the case of a trust initiated by request of a last will and testament, the trust is normally of the irrevocable type, with stipulations put in to cover transfer of assets in the event of the beneficiary’s death.
A California trust attorney can be the neutral party in disputes that arise when an individual dies without a will. This condition is called intestacy. When a person dies intestate, their assets go into probate and it needs to be determined who is entitled to them. This process can be long and tedious, and often gets ugly if there are multiple parties making claim to all or part of the estate. In some cases, placing the assets in trust and having the attorney, a neutral party, distribute them equally according to a mutually acceptable agreement is the best choice available.
You can avoid probate and intestacy by doing some sensible estate planning. If you work your entire life to accumulate some assets and have loved ones who you want those assets to go to when you die, you’ll want to have a legal will and possibly a trust fund set up to make sure they get what you decide you want them to get. These protections also ensure that the vultures won’t descend upon your estate when you pass and devour all of your hard earned money and property.