Trusts Lawyer: Do I Need One?

Clients Rate Lawyers on our Platform 4.9/5 Stars
based on 2,277 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

Garrett M.

4 projects on CC
View Profile

Max M.

87 projects on CC
View Profile

Scott S.

11 projects on CC
View Profile

Maxwell L.

4 projects 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

View Rosario
Member Since:
August 24, 2020

Rosario A.

Trademark Attorney
Free Consultation
Get Free Proposal
Seattle, WA
2 Yrs Experience
Licensed in WA
University of Washington

I'm a Washington-licensed lawyer specializing in trademark practice and with an extensive trademark education and academic background. I currently work with domestic and international businesses seeking trademark protection in the U.S. by conducting trademark searches, providing legal advice, submitting USPTO applications, and preparing responses to office actions. I'm passionate about trademark law and always looking forward to helping small and medium businesses promote their value by having a registered federal trademark. If you have questions or concerns about trademark/copyright/IP licensing and require legal advice, feel free to contact me so we can have a first chat.

View Jeffrey
Member Since:
August 24, 2020

Jeffrey P.

Member
Free Consultation
Get Free Proposal
Deerfield Beach, FL
13 Yrs Experience
Licensed in FL, NY
Florida State University College of Law

Mr. Pomeranz serves as the principal of Pomeranz Law PLLC, a boutique law firm representing clients across myriad industries and verticals. Before founding the firm, Mr. Pomeranz served as Senior Vice President, Legal & Compliance and General Counsel of Mortgage Connect, LP in 2017. Mr. Pomeranz also served as Counsel, Transactions for Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) beginning in 2013, and was based in the company’s C-Suite in Luxembourg City, Luxembourg. Mr. Pomeranz began his career with Mainline Information Systems, Inc. as an in-house attorney.

View Ashley
Member Since:
August 24, 2020

Ashley H.

Attorney at Law
Free Consultation
Get Free Proposal
Los Angeles, CA
11 Yrs Experience
Licensed in CA
St. Louis University School of Law

I have 10 years experience providing general counsel, in the form practical and timely legal advice, under strict deadlines to individuals and various business unit stakeholders, balancing commercial needs with legal concerns at large corporations and start-ups. I am skilled at reviewing, analyzing, drafting and negotiating commercial and government contracts globally for the procurement and sale of services and goods. I also help clients ensure compliance with regulations (including data privacy), laws and contractual obligations and protect, enforce and exploit intellectual property rights and support in the development of IP strategy. I am a Certified Information Privacy Professional/United States (CIPP/US) licensed by the IAPP - International Association of Privacy Professionals.

View Diane
Member Since:
August 25, 2020

Diane D.

Contract Attorney
Free Consultation
Get Free Proposal
Fort Lauderdale, FL
19 Yrs Experience
Licensed in FL
Nova Southeastern University

Over 15 year experience drafting, reviewing and negotiating contracts both as in-house counsel and in law firms, including my own law firm.

View Rinky
Member Since:
August 25, 2020

Rinky P.

Managing Attorney
Free Consultation
Get Free Proposal
Tampa, FL
29 Yrs Experience
Licensed in CA, FL, TX
University of Minnesota

Rinky S. Parwani began her career practicing law in Beverly Hills, California handling high profile complex litigation and entertainment law matters. Later, her practice turned transactional to Lake Tahoe, California with a focus on business startups, trademarks, real estate resort development and government law. After leaving California, she also served as in-house counsel for a major lending corporation headquartered in Des Moines, Iowa as well as a Senior Vice President of Compliance for a fortune 500 mortgage operation in Dallas, Texas prior to opening Parwani Law, P.A. in Tampa, Florida. She has represented various sophisticated individual, government and corporate clients and counseled in a variety of litigation and corporate matters throughout her career. Ms. Parwani also has prior experience with state and federal consumer lending laws for unsecured credit cards, revolving credit, secured loans, retail credit, sales finance and mortgage loans. She also has served as a special magistrate and legal counsel for numerous Florida County Value Adjustment Boards. Her practice varies significantly from unique federal and state litigation cases to transactional matters. Born and raised in Des Moines, Iowa, Ms. Parwani worked in private accounting for several years prior to law school. Her background includes a Certified Public Accountant (CPA) certificate from Iowa (currently the license is inactive) and a Certified Management Accountant (CMA) designation (currently the designation is inactive). Ms. Parwani or the firm is currently a member of the following organizations: Hillsborough County Bar Association, American Bar Association, Tampa Bay Bankruptcy Bar Association, National Association of Consumer Bankruptcy Attorneys, and the American Immigration Lawyers Association. She is a Fellow of the American Bar Association. Ms. Parwani is a frequent volunteer for Fox Channel 13 Tampa Bay Ask-A-Lawyer. She has published an article entitled "Advising Your Client in Foreclosure" in the Stetson Law Review, Volume 41, No. 3, Spring 2012 Foreclosure Symposium Edition. She is a frequent continuing legal education speaker and has also taught bankruptcy seminars for the American Bar Association and Amstar Litigation. She was commissioned by the Governor of Kentucky as a Kentucky Colonel. In addition, she teaches Immigration Law, Bankruptcy Law and Legal Research and Writing as an adjunct faculty instructor at the Hillsborough Community College Ybor campus in the paralegal studies program.

View Philip
Member Since:
August 25, 2020

Philip D.

President
Free Consultation
Get Free Proposal
Fort Lauderdale, FL
24 Yrs Experience
Licensed in FL
University of Florida Levin College of Law

Possesses extensive experience in the areas of civil and transactional law, as well as commercial litigation and have been in practice since 1998. I addition I have done numerous blue sky and SEC exempt stock sales, mergers, conversions from corporations to limited liability company, and asset purchases. I have worked in commercial litigation, corporate and transactional law, intellectual property and bankruptcy. In recent years I have expanded my practice to include family law, personal injury, medical malpractice, and wrongful death.

View Anatalia
Member Since:
August 26, 2020

Anatalia S.

Attorney
Free Consultation
Get Free Proposal
Miami, FL
10 Yrs Experience
Licensed in FL
South Texas College of Law

High quality work product at affordable prices.

View Nicole
Member Since:
September 2, 2020

Nicole R.

Attorney / Owner
Free Consultation
Get Free Proposal
Mount Dora, FL
10 Yrs Experience
Licensed in FL
University of Miami School of Law

Full-service boutique law firm providing personalized services in business law, trademarks, and real estate closings/title work.

View Michael
Member Since:
September 2, 2020

Michael B.

Attorney
Free Consultation
Get Free Proposal
Southern New Jersey
30 Yrs Experience
Licensed in NJ
Temple University

Providing attentive service since 1992, Mike has established himself as a go-to source for legal answers throughout the Southern New Jersey region.

View Maury
Member Since:
September 2, 2020

Maury B.

Senior Counsel
Free Consultation
Get Free Proposal
Minneapolis, MN
31 Yrs Experience
Licensed in MN, WI
Mitchell Hamline School of Law

Respected, driven, ethical, and high energy legal and business professional with strong focus on litigation, contracts and compliance issues. Critical management experience includes client development, developing core initiatives, and forecasting risk in major corporations. Strong legal research, analytical and problem solving skills with demonstrated adaptability in a multifaceted legal practice including delivering high value results in a Fortune 10 environment. Core competencies include: Tactical and strategic legal direction and support to clients which includes contract negotiation, drafting and review, business planning, and a passion for relationship management. Excellent legal research, writing, analytical and problem solving skills including legal training and compliance with regulatory requirements and corporate policies. Coordinates with in-house legal and business resources for team building with excellent verbal communication skills, coaching, and leadership.

View Blake
Member Since:
September 22, 2020

Blake L.

Attorney
Free Consultation
Get Free Proposal
Farmington Hills, MI
27 Yrs Experience
Licensed in MI
Wayne State University Law School

I am a sole practitioner who has been in practice for over 25 years. I have represented many small businesses during this time. Let me bring my expertise to your business.

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