Find Out What a Trust Attorney Anchorage AK Can Do For You & Your Loved Ones
Looking for a reputable trust attorney Anchorage, AK? Look no further than Wyatt & Butterfield, Alaska’s top-rated estate planning law firm.
Reputable Trust Attorney in Anchorage AK
The distribution of your assets after your death is probably one of the last things you’re thinking about at your current stage of life. However, if the unexpected ever happens to you, it’s crucial to have a plan in place outlining how your properties and assets will be given to your loved ones. This is where a trust attorney comes in. A trust attorney is essentially an estate planning attorney, as they will help you plan your trust on your behalf as one part of your overall estate plan. When you turn to the law office of Wyatt & Butterfield, our Anchorage estate planning attorneys will help you create and file the necessary paperwork for your living trust. A trust is different from a will. The family members won’t have to go through the probate process after you pass away. Moreover, trusts are kept private and far away from the public record. When opting for trusts, you should know that they include provisions to lower estate taxes, so your loved one might receive more of what you intended to leave them. The owners of large estates commonly use trusts, but they do serve as valuable documents for individuals of all wealth and income levels.
Trusts: What Can They Do for You?
Trusts can prevent your property from being seized by creditors while you’re alive or after you pass away. A Trust, for example, can help protect your home and any assets you have from being sold off or seized should you need long-term care in the future. A trust can help you maintain control over your property during incapacity. A trust is a quick and cheap wealth transfer vehicle at death. Wills must go through probate which is a time-consuming, costly process. A trust can protect your spouse and children from themselves and creditors, predators, spouses of your children. A trust is a good idea if you want your property or asset to be used in a certain way. For example, you may stipulate that a specific portion of your estate is used for medical care or even a college education. You may not have complete confidence in particular beneficiaries to manage their inheritance, so you may designate only a specific portion to be released at certain intervals. If you plan to leave something to younger generations in the family, such as grandchildren, you may leave instructions that they must wait until they attain a certain age to receive their inheritance. Because it can cover so many more scenarios that you are likely to have. Setting up a trust is more complicated than drawing up a will. Any trust you have drawn up must be precise and allow for tax consequences. Again, because trusts are complicated matters, it’s best to consult a knowledgeable trust attorney in Anchorage, AK, who’s fully versed in estate planning matters.
Best Estate Planning Attorneys in Anchorage
A living trust is a legal document, or trust, created during an individual’s lifetime, called a grantor, where a designated person, the trustee, is given responsibility for managing that individual’s assets for the benefit of the eventual beneficiary. A living trust is designed to allow for the easy transfer of the trust creator’s assets while bypassing the often complex and expensive legal process of probate. Living trust agreements name a trustee who holds legal possession of assets and property that go into the trust. Above all, you should trust the person you are considering as a trustee. They should be adept in financial matters and care about respecting your wishes as well as fairness for your beneficiaries. The trustee can be a member of your family, a professional advisor, or a friend. Someone who knows the beneficiaries of your estate will be better able to serve your goals. It’s also a good idea to choose a backup if your original trustee can no longer fulfill the role. Our estate planning law firm is a full-service estate planning firm located in Anchorage, Alaska. Our trust attorneys have been practicing law for many years and understand how estate planning law works. They will help you write your living trusts but will also help you understand how you can divide your estates, who should receive them, or in what timeframe they are to be distributed. If you have children with special needs or young children, you can establish separate trust terms to protect and provide them with all they need. Discussions can further reveal how to protect your legacy from beneficiaries and creditors who could misuse their inheritance.
How Do Revocable and Irrevocable Trusts Differ?
The advantage of a revocable trust is that your estate doesn’t have to go through a lengthy probate and estate administration process. An irrevocable trust is a way to preserve your assets for your beneficiaries. However, it can’t be changed once you embark on an irrevocable trust. There are various types of trusts that can be beneficial in many different ways. For instance, one type of trust can help to reduce income taxes and eliminate or reduce estate taxes. This can save potentially tens of thousands of dollars or more and keep more money in your estate.
Grantors create a living trust’s lengthy policy’s beneficiary during the grantor’s lifetime. It is usually made through a transfer of property to a trustee, with the grantor having the power to change or revoke the trust while alive. When the grantor dies, the living trusts become irrevocable. Therefore, they can not be changed. The advantages of living trusts are:
- Protection against incapacity of grantors or other beneficiaries
- A more straightforward succession of trustees
- Elimination of possible reduction of probate expenses or delays
- Immediate access to the assets
- Healthcare or end-of-life provisions established by the grantor
- Privacy during the whole process of living trusts
You should consider a more standard definition when thinking of testamentary trusts, namely a ‘trust under will.’ A will creates a testamentary trust after the grantor dies. The advantages of these trusts are:
- Protecting a spouse’s financial future by offering a lifetime income
- Beneficiaries with special needs will be taken care of
- Keeping assets for children from previous marriages
- Donating to charity
The very real downside to a testamentary trust is that the will, which creates the trust, must go through to very public and expensive probate process.
Irrevocable Life Insurance Trust
In most cases, an irrevocable life insurance trust (lLIT) is used in family estate planning. The irrevocable life insurance trust must be funded with a life insurance policy. With this, the trust becomes the owner and the policy’s beneficiary, while the heirs will remain the beneficiaries of the trust itself.
Special Needs Trusts
A special needs trust is a legal arrangement that provides physically/mentally ill or otherwise disabled persons access to funding without losing the benefits from public assistance programs.
Why You Might Need the Help of Our Anchorage Estate Planning Attorneys
When deciding to create a living trust, you might consider taking legal advice from an Alaska trusts attorney. In most cases, a trust attorney will deal with your problems in the areas of estate planning and probate, wills, trusts, estate administration, corporate law, business succession planning, or Medicaid planning. Our top-rated trust attorneys will help you understand the many types of trusts and determine which best suits you. Hiring trust attorneys is like hiring a personal guide to help you with full-service estate planning. Their job is to make you understand the laws in Anchorage, assess your goals, and establish a complete trust that will fit your personal needs.
Benefits of an Estate Attorney Planning in Anchorage
There are a few benefits to hiring a trust attorney. These include:
Peace of Mind
When you hire an attorney to help you with your estate planning, you can have peace of mind that the job is being completed right. In addition, you can be sure that the documents will be drafted according to your wishes.
Help with Legal Issues
The law can be very confusing when it comes to trust and estate planning. In addition, when these legal matters are combined with your wishes and financial goals, it will get even more complicated. The attorneys at Anchorage Wyatt & Butterfield, LLC can help you understand the law and your options to make it easy for you to get the results you want.
You Can Avoid Costly Mistakes
One mistake that a non-trust attorney might make is to give your money away before your death. In addition, the details you have given about your estate might not be properly considered. This can create costly problems for you and your loved ones later on.
Things to Consider When Establishing a Trust
There are a few considerations to keep in mind when establishing a trust. You’ll want to discuss the benefits and downfalls with your estate planning lawyer.
- Who will you name as beneficiaries of your trust, and what amounts do you want them to receive?
- Do you want to create a separate trust for each beneficiaries or a single trust?
- Do you want to allow the trustee to have complete control, or do you want them to follow your wishes exactly as you wish?
- How will you plan for income and estate taxes?
- Do you have a plan to protect your property from your beneficiaries’ creditors?
There are likely more considerations that our attorney can help with. Once we are familiar with your particular situation, we can offer more personalized advice.
How to Get the Best Trust Attorney in Anchorage AK
When you first meet with a legal professional at the law office of Wyatt & Butterfield, your trust attorney will address all of your problems and will make sure to protect you, your family, and your rights. Our law firm will pay attention to your concerns with compassion and estate plan and will listen to your wishes before starting to create a long-term estate plan plan that will perfectly suit your needs. We will provide you with the tools for a smooth transition for your estate planning, helping you pick the perfect trust, avoid probate, and successfully avoid or plan for the estate administration process. We understand that thinking about your last will or what will happen after you are gone can be stressful. It is not comfortable to think at a time when you will no longer be around to care for your estate, but the thought of taking care of your loved ones might be comforting. If you or a loved one is past retirement and wishes to address the issues related to end-of-life planning, our law firm will be there for you. No matter what stage of life you are in, our attorneys will offer undivided attention and help you establish trusts which are in your best interest.
Reach Out to Our Estate Planning Law Firm for Individualized Guidance on Your Future
Going through the process of establishing an essential legal document, such as a trust, can be overwhelming on your own. At the law office of Wyatt & Butterfield, LLC, we know life’s uncertainties and challenges can lead to stressful times, so we diligently take the pressure off you. We’ll carefully listen to your needs, ensuring that your estate will be drafted according to your desires. We offer guidance for Alaska estate planning, wills, and more. Our wide range of trusts, and powers of attorney practice areas has taught us to prioritize your best interests even after you’re gone by preserving your legacy according to your wishes. If you are looking for an experienced trust attorney, contact us at 907-277-0300 to find out how we can help you.