Setting up a trust entails more than just assigning your properties to a trustee. Since it’s typically used as a measure to reduce estate taxes, you’ll need to make sure conditions and terms set up are in compliance with state and federal laws. In this case, engaging the services of a trusts lawyer in Highland Park is a must, says the Orlowsky & Wilson, Ltd. Here’s a look at what you can expect when you hire one:
Legal assistance
Most people have a hard time figuring out legalese. An experienced attorney will have the legal know-how to help you understand the law, in plain and simple terms. You’ll know what’s covered in the trust and understand better how it works.
Gather information
Your lawyer will want to know what your goals are and what information you have on your estate. If there are any issues that might be raised, you’ll need to let your lawyer know. Expect to share private details about your properties and lives. Your lawyer will want to know what your current family dynamics is, which can affect the assets you want to hold in a trust for your beneficiaries.
Fees
A trusts lawyer in Highland Park might charge you an hourly fee, which is the most common type of arrangement. Some lawyers, though, might opt for a flat fee. The amount is based on a percentage of the value of your estate. However, in case you’re involved in a lawsuit, you can find a lawyer who will agree to a contingency fee, which is paid when you win your case.
A trust for your beneficiaries is one way to avoid probate. So save your loved ones a long, legal battle ahead. Spare them the headache, court fees and stress. Hire a lawyer to make sure you set up a trust as soon as possible.
