Trust Lawyer in East Greenwich, Rhode Island
When you are interested in creating a living trust, you should speak with a trust lawyer East Greenwich, RI from McCarthy Law, LLC. We have worked with many clients who are in different phases of the estate planning process. Perhaps you have never tried to create a will or a trust and are unsure of where to begin. Or, maybe you have created a will in the past and think it is time to create trust as well. Whatever stage you are in regarding the creation of your trust in East Greenwich, Rhode Island, know that our trust lawyer is here to help you. Want to schedule a consultation with our attorney? Give us a call now.
East Greenwich, RI Trust Lawyer
Below, we discuss how to know if you need a trust and if a will is still a valuable document to have.
Determining if You Need a Living Trust
When you are determining if you need a living trust, it is important to know what this kind of document can do for you. Creating a trust means that the trustee (often this is also the person who creates the trust) is in control of the property in the trust. When you want certain people to have your assets after you pass away, you can name these people as beneficiaries in your trust. So, how do you know you need trust? One of the biggest benefits of creating a living trust in East Greenwich, Rhode Island is that you will not force your loved ones to go through the probate process once you die. This can be a long and arduous process that causes your loved ones to lose valuable time.
Should I Also Have A Will?
Our trust lawyer East Greenwich, RI relies on believes that there is a huge benefit to having both a will and a trust. Not everything you own may make it into your trust. This is very common if you have acquired the property after you have already created a trust. Instead of letting a court worry about where this will go, creating a will can help ensure that you have a backup.
How Can A Living Trust Help Me?
Depending on your situation, establishing a living trust can provide you with numerous benefits. With a living trust, you can ensure that assets and property are distributed how you wish if you become incapacitated, and it details how you want such assets to be distributed after your death. As your trust lawyer East Greenwich, RI families turn to from McCarthy Law, LLC can explain, these wishes can be carried out without the need for court approval or oversight. All in all, a living trust gives you an effective way to transfer assets from your possession and into the hands of your chosen beneficiaries.
Who Are Beneficiaries?
Beneficiaries are people you choose to have a part of your assets upon your death. These can be people such as your spouse, partner, children, relatives, friends, and charity organizations. You can also intentionally exclude someone from getting assets by writing a clause that states they are not permitted to receive anything from the estate. Sometimes estranged relatives may come forward after someone has passed away, upset that they didn’t receive any inheritance, so they may file a complaint with the court. This can add unnecessary stress to grieving loved ones. Let your East Greenwich trust lawyer know if you need to exclude anyone in the estate plan and they can show you how to include this so it’s effective.
Who Should I Choose As My Trustee?
For a living trust, you can appoint yourself as the trustee, which means you remain in control of it while you are alive. But if you are too busy to manage it or want someone with more experience to assist you, then you can appoint someone to be the trustee. Furthermore, you will need to name another person as the successor of the trust to manage it when you pass away or if you were to become incapacitated. Trustees can be people close to you or chosen professionals, such as:
- Spouse or domestic partner
- Parents, children, or siblings
- Business associates or colleagues
- Relatives or friends
- Professional fiduciaries
What Happens To A Living Trust After I Pass Away?
After your death, your successor trustee will step in to distribute assets within the estate based on your wishes described in the trust documents. A revocable living trust automatically becomes an irrevocable trust after you pass away. This happens without court intervention, which can save beneficiaries stress, time, and money in the midst of their grief. The property that you own outside of the living trust may have to go through probate. Probate is a legal process that validates a will, if there is one. The court approves of your executor, or appoints someone else if you hadn’t chosen anyone or your appointee is unable to fulfill their duty. If you have more questions about living trusts, probate, and other estate planning topics, our East Greenwich lawyer trust team is ready to answer.
When you want to set up a trust, one of the best things you can do is speak with an attorney. An attorney will go through your assets and property with you and help ensure everything you need is placed in your trust. It can be easy to forget something small or overlook something important.
Are you interested in learning more about creating trust in East Greenwich, RI? Contact McCarthy Law, LLC to speak with our trust lawyer now.