Trusts Lawyer: Do I Need One?

Clients Rate Lawyers on our Platform 4.9/5 Stars
based on 4,036 reviews

Jump to Section

Need help with a Living Trust?

CREATE A FREE PROJECT POSTING
Post Project Now

What Is a Trusts Lawyer?

A trusts lawyer is an attorney who creates a trust on someone's behalf. A trust offers a legal vehicle for transferring property and other assets. For example, you may want to set up a trust to leave possessions and assets to loved ones. A trust can help your loved ones avoid going through the probate process. A trusts lawyer will help set up a trust and file all the required paperwork to put the trust in place.

A trusts lawyer can also offer relevant legal assistance to the trustee, a person an individual designates to manage a trust. You could even name a lawyer as your trustee to help you manage a complex and large estate or ensure your trustee remains an impartial third party.

Do You Need a Trusts Lawyer?

Anyone who wants to establish a trust can benefit from working with a trusts lawyer to create or review the trust document. Common reasons to develop a trust include the following:

  • You want to lower your estate taxes.
  • You want to help your family and loved ones avoid going through probate.
  • You want to retain control over when your beneficiaries get their inheritance.

Trusts are useful when you want to leave your possessions to loved ones, but you don't need to name a guardian for a minor nor specify last wishes. You need to create a will to achieve these goals. Consulting with an experienced trusts lawyer can help you clarify the right legal document for your specific situation.

All in all, creating a trust helps you make sure that your valuables and assets transfer to where you want them to go, either while you are still alive or after your death. Working with a trust lawyer will give you confidence that what you decide will truly be put in place. Even if a dispute arises, trusts should hold up in court.

Meet some lawyers on our platform

Don G.

27 projects on CC
View Profile

Zachary J.

53 projects on CC
View Profile

Matthew S.

2 projects on CC
View Profile

Jonathan M.

1 project on CC
View Profile

Irrevocable vs. Revocable Trusts

Trusts include irrevocable and revocable trusts. Each type comes with advantages and drawbacks. Working with a trusts lawyer is an essential step in deciding the right type of trust to use.

Irrevocable Trusts

When you create an irrevocable trust, you form the trust and then step aside. You cannot take back property or assets you place in the trust, and you cannot manage the assets as the trustee. Once you form and fund the trust and the agreement is signed, you cannot change that agreement.

Individuals employ irrevocable trusts to avoid paying tax on a property when the grantor, the person who creates the trust, dies. Since the grantor permanently gives assets in the trust to a trustee and the beneficiaries of the trust, the grantor no longer owns the assets. The assets don't contribute to the estate's value and are not subject to estate taxes.

Revocable Trusts

You can change a revocable living trust at any time. For example, you can change the trust by using a trust amendment if you reconsider a provision in the terms of the trust, such as changing who you want to be a beneficiary. You could undo, or revoke, the whole trust if you decide the trust no longer serves your purposes. A revocable trust also lets you plan for mental disability since you can have a successor manage the assets held in the trust if you become mentally incapacitated.

While revocable trusts offer significant flexibility, the assets transferred to the trust still are considered your personal property — you retain absolute control over the assets after all. Creditors can still reach the assets, and state and federal estate taxes might come due upon your death since the assets constitute your estate. A revocable trust does not offer any protection if someone sues you, and these trusts get considered for Medicaid planning.

A revocable living trust turns into an irrevocable trust when a grantor dies because the grantor can no longer make any trust changes. However, you can designate a revocable trust to become separate irrevocable trusts upon your death. These irrevocable trusts can benefit your children or other beneficiaries.

Here is an article about the differences between irrevocable and revocable trusts.


Get Free Bids to Compare

Leverage our network of lawyers, request free bids, and find the right lawyer for the job.

Get Bids Now

Trusts Lawyers and Living Trusts

Many people choose to use living trusts to distribute assets to beneficiaries upon their death. The living trust is the legal entity that owns the property you transfer into it while you are alive. It often makes sense to work with a trusts lawyer to create the trust document to ensure the trust gets created in a way that fulfills your wishes.

Some examples of situations where you will benefit from working with a trusts lawyer to create a living trust include the following:

  • When the trust contains conditions: Many grantors choose to put conditions on the trust. Conditions can control when and how assets get distributed. For example, you can include a requirement that stipulates the age each beneficiary inherits portions of the trust, or that a child or grandchild must earn a college degree before receiving the inheritance.
  • When you will owe estate tax: If your estate is larger than the federal estate tax exemption, you will owe estate taxes. Many states also have estate taxes. A trusts lawyer can help you review options and cut down on the taxes your estate will owe.
  • When you are not sure what to place in a trust and what to put in a will: Trusts and wills offer various benefits and disadvantages. Many people may not be certain they have the right document for their situation. A trusts lawyer can explain the options to help you decide how to proceed.
  • When you want to skip generations: If you're planning to give assets to your grandchildren or other relatives a specific number of years younger than you, this arrangement is considered generation-skipping. Depending on the amount you want to transfer, the transfer could invoke the federal tax known as GSTT, the Generation-Skipping Transfer Tax. Working with a trusts lawyer can help you avoid or minimize invoking this high tax while still transferring your assets following your wishes.
  • When you have a large amount of life insurance: Since life insurance is subject to estate tax, you may need the help of a trusts lawyer to create a special trust that prevents your funds from being hit by the tax.
  • When a beneficiary has special needs or receives government assistance: Specific types of trusts exist to deal with these situations. A family trusts lawyer can help figure out the right type of trust to use. Here is an article about special needs trusts.
  • When you need help to transfer your assets: Many people don't know how to transfer assets legally into a trust. A trusts lawyer can ensure you correctly transfer your assets so that the trust can go into effect.

When you plan how you'll pass property and assets to your loved ones, you will face the possibility of making some difficult decisions regarding your possessions. When you work with an experienced trusts lawyer , you can ensure that you set up a legal agreement that fulfills your wishes while you offer protection for your assets and beneficiaries in the process.

How ContractsCounsel Works
Hiring a lawyer on ContractsCounsel is easy, transparent and affordable.
1. Post a Free Project
Complete our 4-step process to provide info on what you need done.
2. Get Bids to Review
Receive flat-fee bids from lawyers in our marketplace to compare.
3. Start Your Project
Securely pay to start working with the lawyer you select.

Meet some of our Lawyers

Zachary J. on ContractsCounsel
View Zachary
5.0 (30)
Member Since:
May 27, 2022

Zachary J.

Principal
Free Consultation
Get Free Proposal
Crown Point, IN
4 Yrs Experience
Licensed in IL
The University of Michigan Law School

I am a solo-practitioner with a practice mostly consisting of serving as a fractional general counsel to growth stage companies. With a practical business background, I aim to bring real-world, economically driven solutions to my client's legal problems and pride myself on efficient yet effective work.

Angela Y. on ContractsCounsel
View Angela
5.0 (8)
Member Since:
June 16, 2022

Angela Y.

Founder and Managing Partner
Free Consultation
Get Free Proposal
New Jersey
8 Yrs Experience
Licensed in NJ, NY
Rutgers University School of Law

NJ and NY corporate contract lawyer and founder of a firm specializing in helping entrepreneurs. With a background in law firms, technology, and world class corporate departments, I've handled contracts and negotiations for everything from commercial leases and one-off sales agreements, to multi-million dollar asset sales. I love taking a customer-focused and business-minded approach to helping my clients achieve their goals. Other information: learning to surf, lover of travel, and one-time marathoner (NYC 2018) yulawlegal.com

Angelica M. on ContractsCounsel
View Angelica
5.0 (2)
Member Since:
June 13, 2022

Angelica M.

Managing Attorney
Free Consultation
Get Free Proposal
North Carolina
8 Yrs Experience
Licensed in NC
North Carolina Central University School of Law

Angelica McDonald, Esq. has singlehandedly established an in-demand law firm, won several accolades for her incredible work in her community and has her sights set on building a bi-coastal law practice that serves clients from her hometown to Hollywood. She is putting her city of Raeford, North Carolina on the map as the birthplace of the next legal superstar. And she is just at the onset of her career. An astute attorney, Angelica is sought after for her razor-sharp business acumen and her relentless litigation style. With a diverse background in entertainment, media and sports law, as well as business, she represents entrepreneurs and athletes on everything from complex contract negotiation to intellectual property matters, ensuring anything they’ve built is protected.

Michael T. on ContractsCounsel
View Michael
5.0 (1)
Member Since:
June 13, 2022

Michael T.

Lawyer
Free Consultation
Get Free Proposal
Fairfax, Virginia
33 Yrs Experience
Licensed in DC, MD, VA
College of William and Mary

I have been in practice since 1990 and practice in D.C., Maryland, and Virginia. I am an experienced litigator and look forward to resolving your legal questions as efficiently as possible.

Richard G. on ContractsCounsel
View Richard
5.0 (1)
Member Since:
June 20, 2022

Richard G.

Attorney
Free Consultation
Get Free Proposal
Greensboro, NC
3 Yrs Experience
Licensed in NC
University of Elon School of Law

Hello! I am an Iowa native trying to bring some Midwest problem-solving to southern civil law. I thoroughly enjoy getting to know the individuals and businesses I assist. I practice estate planning and business formation and, with my litigation experience in mind, I help clients plan to ensure they and their interests are protected in the future.

Danielle G. on ContractsCounsel
View Danielle
5.0 (2)
Member Since:
July 12, 2022

Danielle G.

Attorney and Founder at Danielle D. Giovannone Law Office
Free Consultation
Get Free Proposal
Schenectady, NY
16 Yrs Experience
Licensed in NY
Fordham University School of Law

Danielle Giovannone is the principal of Danielle D. Giovannone Law Office. In her experience, Danielle has found that many business do not require in-house legal counsel, but still need outside counsel that knows their business just as well as in-house counsel. This need inspired Danielle to start her firm. Before starting her firm, Danielle served as Contracts Counsel at Siena College and as an attorney at the New York City Department of Education, Office of the General Counsel. At the NYCDOE, she served as lead counsel negotiating and drafting large-scale commercial agreements, including contracts with major technology firms on behalf of the school district. Prior to the NYCDOE, Danielle worked as an associate at a small corporate and securities law firm, where she gained hands-on experience right out of law school. Danielle has provided legal and policy advice on intellectual property and data privacy matters, as well as corporate law, formation and compliance, employer liability, insurance, regulatory matters, general municipal matters and non-profit issues. Danielle holds a J.D. from Fordham University School of Law and a B.S. from Cornell University. She is active in her Capital District community providing pro bono services to the Legal Project, and has served as Co-Chair to the Niskayuna Co-op Nursery School and Vice President of Services to the Craig Elementary School Parent Teacher Organization. Danielle is a member of the New York State Bar Association.

Anand A. on ContractsCounsel
View Anand
4.9 (22)
Member Since:
July 17, 2022

Anand A.

Counsel
Free Consultation
Get Free Proposal
Philadelphia, PA
9 Yrs Experience
Licensed in NJ, PA
Rutgers University School of Law

Anand is an entrepreneur and attorney with a wide-ranging background. In his legal capacity, Anand has represented parties in (i) commercial finance, (ii) corporate, and (iii) real estate matters throughout the country, including New Jersey, Pennsylvania, Delaware, Arizona, and Georgia. He is well-versed in business formation and management, reviewing and negotiating contracts, advising clients on financing strategy, and various other arenas in which individuals and businesses commonly find themselves. As an entrepreneur, Anand is involved in the hospitality industry and commercial real estate. His approach to the legal practice is to treat clients fairly and provide the highest quality representation possible. Anand received his law degree from Rutgers University School of Law in 2013 and his Bachelor of Business Administration from Pace University, Lubin School of Business in 2007.

Michael R. on ContractsCounsel
View Michael
Member Since:
May 30, 2022

Michael R.

Attorney
Free Consultation
Get Free Proposal
Torrance, CALIFORNIA
11 Yrs Experience
Licensed in CA
Whittier Law School (Top 5%)

If you're looking for an attorney who can help your business succeed, look no further! With my experience in the legal field, I can provide you with the legal advice you need with entity formation, contract drafting, business operations, and more, And because I'm committed to providing high quality service, you can be sure that your needs will always be met. Contact me today to learn more about how I can help your business thrive!

Jason Q. on ContractsCounsel
View Jason
Member Since:
June 13, 2022

Jason Q.

Attorney / Owner
Free Consultation
Get Free Proposal
Sarasota, Florida
15 Yrs Experience
Licensed in FL
Wake Forest University School of Law

I am a Florida estate planning and probate attorney helping clients achieve their goals through personalized legal strategies. Excellent communication, thorough preparation, and accurate execution are the keys to success.

AHAJI A. on ContractsCounsel
View AHAJI
Member Since:
July 8, 2022

AHAJI A.

Attorney
Free Consultation
Get Free Proposal
Houston, TX
24 Yrs Experience
Licensed in NC, TX
Indiana University - IUPUI

Ahaji Amos, PLLC is a Houston-based intellectual property and civil litigation firm servicing clients throughout the U.S.

Michael J. on ContractsCounsel
View Michael
Member Since:
July 14, 2022

Michael J.

Partner
Free Consultation
Get Free Proposal
Warren, New Jersey
15 Yrs Experience
Licensed in NJ, NY
New York Law School

Combining extensive experience in litigation and as general counsel for a real estate and private equity company, I provide ongoing guidance and support to clients on a variety of transactional matters, including business formation, partnership agreements, corporate agreements, commercial and residential leasing, and employment issues.

Find the best lawyer for your project

Browse Lawyers Now

Want to speak to someone?

Get in touch below and we will schedule a time to connect!

Request a call