Do you need a lawyer to set up a trust?

Yes, a skilled lawyer will guide you through the entire process, ensuring that your trust is properly structured and legally sound. While it is possible to establish a basic trust without legal assistance, consulting an estate-planning attorney is highly recommended. Their expertise will help you avoid potential pitfalls and provide valuable insights to ensure your trust offers the best possible protection and serves your intended goals.

Here in are some key reasons why legal counsel is essential:

• Understanding Complex Legal Requirements: Sometimes, trust law can be complex and may differ in different jurisdictions. An attorney will therefore help you understand the intricacies of the requirements so that your trust is formed in accordance with all applicable laws and regulations.
• Tailoring the Trust to Your Goals: Every good trust should be drafted toward your specific financial goals. An attorney can help you tailor a trust that satisfies your needs effectively, whether asset protection, tax planning, or taking care of your loved ones.
• Avoiding Mistakes: There are literally thousands of mistakes that can be made which will remove the effectiveness of a trust. An attorney can help you avoid many of the common mistakes, including failure to properly fund the trust or failure to appoint appropriate and suitable trustees.
• Ongoing Guidance: Trust law changes over time. Your situation may change. An attorney will continue to provide you with guidance and advice to ensure that your trust remains applicable and effective.

Finally, it is always advisable to seek the advice of an attorney specializing in estate planning to ensure that your trust is legally effective in the first instance, that it meets all of your needs and confers all of the desired benefits. In that vein, the existence of a qualified attorney will bring you peace of mind about the structure and protection of your trust. At One Pacific Trust, we are dedicated to being your reliable partner, providing expert guidance to ensure your trust is structured to meet your long-term goals and objectives.