Attorney Required to Set up Trusts?
In one word – NO
Yet for decades we’ve read about the secret trust funds of super-wealthy families set up by high-end law firms. But the truth is that anyone can set up a trust, and our constitutional laws have always ensured your right to do so. In a similar mode, corporations and LLCs are setup by attorneys. But again, anyone can setup their own business organization. Attorneys are not required.
You do not need an attorney to tell you that, when you die, your spouse and children will receive your worldly assets. You don’t need an attorney to show you the benefits of trusts in terms of protecting your privacy, your assets, and your heirs.
When Do You Need an Attorney?
If you were involved in an injury accident or were sued by someone, you’d surely want to hire one. If you were discriminated against at work or suffered financial fraud, you’d need their services. Attorneys do study estate planning (wealth transfer) living trust issues and corporate law in school yet these topics are shared by many other professional service providers. Lawyers are helpful for compliance and statutory regulations.
Many Professionals Legally Advise Clients Everyday
There are, however, many professionals in our everyday life that dispense legal advice in their course of business. Their focus is generally narrow for a particular type of issue. For example, a social worker advises clients about social security benefits and disability benefits. A property manager will advise tenants about their legal rights and responsibilities. An accountant will advise clients about their legal obligations related to taxes. Paralegals help people with legal document preparation such as divorce, living trusts, child custody. Immigration consultants advise clients about their legal rights to work permits and citizenship. Real estate brokers advise clients about many aspects of their property transactions including ownership vesting.
All of these professionals can execute legal documents for you as it pertains to their area of expertise.
Barbers Sell Haircuts: Attorneys Sell Legal Advice
Ask a barber if you need a haircut, and he’s bound to tell you, “Sure, you could use a trim.” Ask an attorney if you need legal advice to set up a trust, and you’ll get something similar: “Sure, you need me. That’ll be $5,000, please.”
So maybe you hire that attorney to set up your living trust, even if you don’t need to. Many living trusts are standard copy and paste forms. There is little creativity involved except to identify the parties, their assets and who is to get them. However, there is a strategy art to creating privacy even with a living trust.
But what if you see the value in other kinds of trusts? Where can you find an attorney who has competence and practical experience with Holding Trusts, Investment Trusts, Real Estate Trusts, and Business Trusts? The answer is virtually nowhere. Why, you ask?
There are many reasons, yet the most fundamental is because these other trusts are not taught in law school. And the private nature of certain trusts defeats the primary objective of generating legal fees. The few attorneys who do know this material are very expensive – $1,000 per hour billing. In summary, most lawyers have scant knowledge of these other private trusts, nor any practical experience.
Trust Arte: We’re Strategy Experts
We searched ourselves for attorneys who understand and have practical knowledge of Real Estate Trusts, Business Trusts, Holding Trusts, etc. They are virtually non-existent. We had to learn it ourselves. Over the course of twenty years, we’ve had many, many learning experiences. Our knowledge, mistakes and successes have resulted in deep strategy expertise which can now benefit you.
Depending upon circumstances, Trustarte engages legal and financial professionals as resources on behalf of clients. Although our expertise is strategy and privacy, attorneys and accountants are helpful for compliance and tax issues.