Law Office of Rick Todd Blog

Friday, July 21, 2017

Finding the Right Trusts Attorney

When looking for a trusts attorney to draft your trust, you need to ask yourself a very important question:

Do I Need a Trust at All?

Lawyers in Ellicott City, Columbia, Howard County and throughout the country follow the same routine: sell a trust to a client for higher fees. Do they need it? Maybe and maybe not.

Trusts aren’t always necessary. The type of people who make the most use of them are the rich and famous. But the average person probably doesn’t need more than a testamentary or minor’s trust, and that’s only if they have children. Trusts that are used to avoid the estate tax are only for the very very rich, and a revocable living trust isn’t the best deal either.

But if you are one of those people who does indeed need a trust, it’s best you go with an attorney who has experience drafting them and perhaps more importantly, administering them, so you want to look for a good trusts attorney.

Make sure the trust you create protects your assets against creditors, including judgment creditors. Make sure the trust you create is signed properly!

What’s the alternative to a trust? A simple will. “Simple will” is a legal term of art meaning a will without a trust inside it. This is all that is necessary for most people.

What about living trusts? Those seem popular. They are popular, but the reason they are popular is mostly due to the fact that they make lawyers more money. Wills do the same thing as trusts, with far less hassle.

For some people trusts are essential. Wealthy people who wish to avoid the estate tax definitely need trusts. People who work in industries where they have a high likelihood of being sued need trusts. That means they need the assistance of a lawyer.

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The Law Offices of Rick Todd has offices located in Columbia, Chevy Chase, Fairfax, Virginia, and Maryland and serves clients throughout Clarksville, Columbia, Ellicott City, Fulton, Rockville, Bethesda, Potomac, Laurel, Howard County, Montgomery County, and Washington D.C.

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