Having a will or other estate planning documents prepared is crucial no matter where you are in life; beginning adulthood or nearing the end of life. Even if you think you have not accumulated enough wealth to worry about what happens to your estate when you’re deceased, with the proper planning, you can save your loved ones worry and stress while they grieve your loss. The need for a will is further heightened if you are the parent or caregiver of young children. Your will and estate planning documents will appoint a guardian, the person who will take of your children, both physically and financially, in the event that you might pass. In this article, we will discuss wills and trusts attorney near me, salary, and forms.
What Are Wills?
Wills are legal documents that specify to whom and how much of one’s property is to be allocated upon death. Your final wishes can also include an executor, guardians for small children, and funeral and burial preparations. A will may instruct the executor to form a trust for young children and designate a trustee to administer the trust’s assets until the beneficiaries reach a specific age or the age of majority, whichever comes first.
According to state law, a will needs to be signed in the presence of witnesses. A legal procedure is needed for its implementation. It needs to be submitted to the local probate court and carried out by your chosen executor.
The probate court, which has authority over execution challenges, has the document in its public archives.
Key Facts about Wills
Despite the importance of a will in determining what happens to your property after you die, a shocking 55% of Americans do not have one. If you don’t leave a will, state law will distribute your assets, and your heirs may have to sue to collect what’s theirs. Some fundamentals of wills are as follows:
- They don’t have to be extremely expensive to make. You may find plenty of resources, both online and off, to help you draft a legally binding will. However, a lawyer’s advice may be in order to make sure the document is legally binding.
- When creating a will, one must choose an executor to oversee the distribution of assets and the implementation of the decedent’s final desires. It’s important to let your executor know he or she has been named in your will so that they can prepare for the role.
- Figure out who is getting what. Identify the beneficiary (who may be an individual or a charitable organization) and the exact items they will get.
- In the event of your death, a will allows you to designate a guardian for any minor children you may have. Again, you should talk to the guardian about your decision to make sure they can properly care for your kids. If a guardian is not appointed by you, the court will do so.
- Depending on state law, your will need to be witnessed by at least two people. The will must be notarized in some states.
- Will needs to be kept current at all times. Changes in your life circumstances, such as getting married, divorcing, having a kid, or losing a loved one, may necessitate revising your will.
What are Trusts?
Trusts are legal arrangements that allow one person, the grantor or trustor, to hand over control of their assets to another, the trustee. They determine how the assets are to be managed by the trustee, who will receive dividends, and how the assets will be sold or otherwise disposed of in the future. The trustee has a fiduciary duty to act in the best interests of the beneficiaries and in compliance with the trust deed.
Furthermore, trusts take effect when assets are transferred to them, rather than at the time of the grantor’s death as is the case with wills. A “living trust” can be established during the lifetime of the grantor. A “testamentary trust” is a trust established after the grantor’s death per the terms of his or her will. Trusts are commonly employed in estate planning for the benefit of the grantor’s heirs and to facilitate the distribution of the grantor’s assets to those heirs.
Key Facts About Trusts
During one’s lifetime or after one’s death, assets can be transferred to beneficiaries via a trust. The assets in the trust are temporarily held by a trustee, typically a bank or other reliable third party. Some of the most crucial aspects of trusts are:
- You can use a trust to hold a variety of assets, including money, investments, and property.
- A trust can be used to establish guidelines for the timing and manner of the distribution of one’s wealth. If you don’t want your children to be overwhelmed by their inheritance too soon, you can put it in a trust and start making payments to them at a specified age or over time.
- A variety of trusts exist, each with its own specific purpose. Among other things, trusts can be established to provide financial security for future generations. For instance, you may leave money to your grandkids in a generation-skipping trust, and your spouse could benefit from a qualified terminable interest property by receiving interest or earnings on an inheritance that will pass to your children upon your death.
- There may be ways to reduce estate taxes by using trusts.
- Trusts can save you the trouble of the lengthy legal procedure with an attorney of probate, which is typically connected with wills. Your trust’s beneficiaries can usually get their money when you want them to get it.
- However, establishing a trust can be costly. If you need assistance determining whether or not a will can achieve your objectives, consult with your accountant or legal counsel.
What Are the Types of Trusts?
The following is a list of some of the different kinds of trusts
#1. Revocable Trust
Trusts can be established for a number of reasons, both now and after the grantor’s death. Revocable trusts are established throughout a grantor’s lifetime and can be changed, amended, or terminated at any time by the grantor. A revocable trust can have its grantor act as a trustee. When it comes to taxes, the grantor is still treated as the legal owner of the trust’s assets. When a grantor-trustee passes away or becomes incapacitated, the trust document might name a new trustee and outline how the trust is to be administered and its assets distributed. To avoid probate, assets might be placed in a revocable trust. However, the assets remain part of the grantor’s taxable estate because the grantor retains control of the trust while alive.
#2. Irrevocable Trust
However, when grantors transfer assets to a trust that they do not have the power to change or revoke, they are giving up their ownership rights to those assets. In an irrevocable trust, the grantor does not serve as a trustee. Income from trust assets is not considered the grantor’s taxable income, and trust assets are not considered part of the grantor’s estate, provided the grantor has relinquished full control and beneficial interest in trust assets. If the irrevocable trust is set up correctly, the assets transferred from the grantor to the trust will be shielded from the grantor’s creditors.
#3. Charitable Trusts
Certain irrevocable trusts that give financial benefits to charity and their grantors or beneficiaries get favorable tax treatment. These twin purposes can be served by charity lead trusts and charitable remainder trusts that comply with the technical requirements of the tax code. The establishment, administration, and dissolution of such trusts are governed by intricate tax regulations.
One or more people’s lives, or a certain number of years, might be set as the duration of a charitable lead trust. The grantor places assets in a trust that will be used to fund ongoing donations to good causes. At the end of the tenure of the charitable lead trust, any assets that remain are given to the noncharitable beneficiaries, such as the grantor’s family. You can create one of these trusts during your lifetime or in your will. The grantor may be eligible for a tax break when the trust is established, enjoy estate and gift tax advantages, and even realize taxable income.
In exchange for a tax benefit based in part on the value of the assets provided, a charitable remainder trust pays out a steady stream of income to the grantor or other non-charitable beneficiaries for life. When the trust’s tenure ends, which can be anything from 20 years to the lifetime of a beneficiary or beneficiaries other than charities, the assets provided are given to those organizations.
What Is a Wills and Trusts Attorney?
Wills, trusts, and powers of attorney are all examples of legal vehicles (documents) that an attorney might use to draft an estate plan for an individual client or an entire family. The creation of these documents is a step in the larger process of estate planning, which aims to create goals in relation to an individual’s property and assets.
What Does a Wills and Trusts Attorney Do?
Wills and trusts are the specialties of an attorney. Because of the complexity of the law, attorneys usually specialize in numerous different areas. Attorneys, for instance, need to be conversant with not only federal and state tax rules, but also property and asset protection regulations, as these vary by state. Many of these topics are extremely intricate. Knowing whether or not your attorney has a particular focus on estate planning will help put your mind at ease regarding the successful implementation of your wills and trusts.
Even though numerous attorneys offer will and trust drafting services, it’s important to find one who specializes in this field to ensure that your loved ones are protected in the event of your untimely passing. However, simple wills or trusts may not provide adequate protection for your loved ones, so it’s important to work with an attorney to develop a strategy that’s right for you.
In addition, the job duties of wills and trusts attorney range from
#1. Assist in Avoiding the Judicial Process
If you simply have a will in place, your estate will have to go through probate once you die. A judge will look it through, which could lead to changes in your original wishes. There is a time and financial commitment involved in the probate process. Furthermore, it indicates that the entirety of the estate is open for inspection. A trust, which a lawyer specializing in wills, trusts, and estates may help you set up, is your best defense against these potential problems.
#2. Prepare You for the Possibility of Incapacity
What steps should you take if you discover that you are unable to speak for yourself, particularly as a result of a medical incapacity? Having an appropriate estate plan, such as a Power of Attorney or a living will, can assist you in getting ready for the potential of this happening. Again, this is an area in which you will require the specialist assistance of an attorney who focuses on wills, trusts, and estates law.
#3. Assist You in Reducing Your Tax Liability
The process of inheritance planning includes a significant focus on tax strategies. To put it another way, you should make it your goal to maximize the value that you leave to your dependents and heirs at all times. In order to accomplish this objective, you will need to seek the guidance of an experienced wills and trusts attorney.
What Type of Attorney Handles Wills, Trusts, and Estates?
The process of putting together a succession strategy should never be taken lightly. In the end, inheritance planning gives you the opportunity to make preparations for the future… not only ensuring that your personal intentions are carried out, even after your passing away but also ensuring that your loved ones will be provided for in a manner that is satisfactory.
Wills, trusts, and powers of attorney are just a few of the diverse legal documents that can be included in an estate plan. The particulars of a person’s succession plan would naturally differ from person to person. Working with an attorney who specializes in wills, trusts, and estates is the recommended course of action for the most cautious and efficient planning.
How to Become a Wills and Trusts Attorney
Here are the steps to becoming an attorney specializing in wills and trusts:
#1. Get a Bachelor’s Degree at Least
Getting a bachelor’s degree is the first logical step. If you want to attend law school, you should maintain a high-grade point average and cultivate positive relationships with your teachers. There isn’t a set major for first-year students, although you can focus your studies on topics like
- Legal studies
- Finance
- Law
- Accounting
- Tax
- Financial services
#2. Get Some Real-World Training
Find ways to obtain applicable work experience while pursuing your degree. Investigate options for internships, mentorships, and other forms of on-the-job training, paying particular attention to those that pertain to estate planning. You could learn some basics and gain work experience that could help you in your employment or law school application. Also, you might meet influential people who can help you get into law school or get a career later on.
#3. Take the Bar Exam
To enroll in a law program, you must take and succeed on the Law School Admissions Test (LSAT). This standardized test of verbal reasoning and reading comprehension will determine whether or not you are admitted to law school. The Law School Admission Test (LSAT) is given four times a year, so you can schedule and prepare for it.
Also, make sure you give yourself plenty of time to study for the LSAT. Many people start getting ready more than a year beforehand. In addition, a personal study plan, a study group, or a professional instructor are LSAT preparation options.
#4. Submit an Application to Law School
While you’re still in college, it’s a good idea to look at law schools and narrow your list down to about five possible destinations. Most law school applicants apply in the fall of their senior year, so preparation is key. Take the LSAT early, write a personal statement, and obtain references before applying.
#5. Take up Legal Studies
A Juris Doctor degree is necessary for a career as a wills and trusts attorney. The first year of a standard three-year law degree program consists of foundational studies. However, in the later years of law school, you can focus on taking courses directly connected to the area of law you intend to practice.
The following are some examples of possible electives in the field of probate law:
- Trusts
- Estate planning
- Real estate law
- Asset management
- Family law
Also, read WILL AND TRUST: Meaning & Difference.
#6. Pass the Bar Exam
After obtaining a law degree, passing the bar exam is mandatory before beginning legal practice. The bar tests itself and its criteria will differ by state. It is, however, a comprehensive standardized test that includes both essay and multiple-choice questions. Passing this test involves a considerable understanding of the judicial system, law, and ethics.
#7. Study the Uniform Succession Planning Act
If you want to make a name for yourself as wills and trusts attorney, you need to familiarize yourself with the trust provisions of the Uniform Probate Code that apply in your state of residence. The Uniform Probate Code governs the validity and enforceability of estate planning documents like wills and trusts. Although the specifics may differ from state to state, all of the laws that govern estate planning and probates fall under this umbrella.
#8. Certification
You should think about getting a certificate in inheritance planning if you haven’t already. Many legal schools offer Master of law degrees (LLM) in estate planning or other disciplines connected to taxation. These programs may add a year or two to your education, but they could help you advance your career.
Wills and Trusts Attorney Near Me
Here are the wills and trust attorney near me you might want to consider.
- The Law Firm of Ross F. Tew, PC
- Forsythe Law PLLC
- Craig A. Choate, PC
- Masterly Legal Solutions, PLLC
- The Sartin Law Firm, PLLC
Wills and Trusts Attorney Salary
As of the 4th of May, 2023, Trusts and Wills Attorney in the United States may expect to earn an average of $125,999 per year in salary.
That works out to around $60.58 per hour, in case you were wondering how much money you’ll be making. This is equal to $10,499 per month, or $2,423 per week.
While ZipRecruiter has seen salary rates for Trusts and Wills Attorney as high as $165,000 and as low as $11,000, the median salary is in the $100,000-$160,000 range (25th percentile to 75th percentile), and the 90th percentile salary is $160,000 (top earners). There may be many prospects for development and a higher salary based on skill level, location, and years of experience for a Trusts and Wills Attorney because the average salary range is so wide (by as much as $60,000).
However, recent listings on ZipRecruiter indicate a brisk job market for Trusts and Wills Attorney in Dallas and the surrounding area. Compared to the national average of $125,999, the average salary of a Trusts and Wills Attorney in your region is $124,334, a difference of $1,665 (or 1%). In terms of the average yearly salary for a Trusts and Wills Attorney, Texas ranks 48th out of all 50 states.
In addition, Trusts and Wills Attorney Salary estimates are based on ZipRecruiter’s ongoing review of the company’s massive database of current job postings across the United States.
What Are the Benefits of a Trusts and Wills Attorney?
Here are some top benefits of hiring a trusts and wills attorney.
#1. Safeguarding Wealth for Future Generations
One often-overlooked benefit of trusts over standard wills is that they protect beneficiaries’ assets against creditors, such as former spouses. If your beneficiary is financially irresponsible or if the assets are at risk for any other reason after you pass away, the appropriate structuring of the trust will safeguard your legacy. The argument is that you can either protect your wealth’s future or do nothing.
#2. A Living Trusts and Wills Attorney Can Assist With Trustee Selection
Making a living will requires selecting a trustee to manage the trust’s assets while you are alive.
Obviously, the person needs to be trustworthy and accountable… nevertheless, who precisely? An attorney can provide you with advice on the duties of a trustee, suggest some solid choices, and even take on the role of trustee in some circumstances. Including a trust in your estate plan is an essential step that should not be overlooked.
#3. Lawyers Can Explain Living Wills, Trusts, Powers of Attorney, and Other Documents
Which type of trust—revocable or irrevocable—should you create?
Is it preferable to create a power of attorney in financial matters? What about a power of attorney for health care?
There are many questions to ponder as you explore your estate planning choices. It’s crucial to work with a reliable attorney who can provide strategic insight. Here is where the help of an attorney experienced in living wills and trusts might be crucial.
Conclusion
In conclusion, having a Will or Trust in place can help an executor carry out the decedent’s final intentions and complete the estate. They passed away “intestate” if they did not leave a Will or Trust. If you need help understanding the probate court system or filing the necessary paperwork, you should speak with an attorney immediately.
Wills and Trusts Attorney FAQs
How Much Will a Lawyer Charge to Write Your Will?
Writing a will and other simple estate planning documents typically results in a flat cost payable by a lawyer. A basic legal will can be put together for approximately $300. Typically, you should expect to pay around $1,000, and sometimes even $1,200.
What are the skills a wills and trusts attorney should have?
Here are some important skills to develop to become an estate planning attorney:
- Technical understanding
- Teamwork
- Analytical thinking
- Communication skills
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