4 Myths Regarding Trusts

If you or a loved one is seeking help regarding a trust, contact a trust lawyer clients entrust with their financial future. Estate planning, asset protection, and designating beneficiaries are all aspects of what a trust lawyer does, and how they can help their clients. While there is more that trust lawyers do, sometimes there can be ambiguity surrounding trusts, specifically the part that trust lawyers play. The following four myths will hopefully clear up any confusion clients may face. As always, trust lawyers such as those from Kaplan Law Practice, LLC are ready and able to answer any specific questions their clients may have.

  1. It is wise for every client to establish a trust. While trusts can be beneficial to some clients, they are not always the best option for each and every client. Asset planning is not one size fits all, but should rather be tailored to meet the specific needs of the estate holder. Trust lawyers should advise their clients on how to best protect and grow their assets. Sometimes this advice involves setting up trusts, other times it does not. Again, it all depends on the client’s specific financial situation and unique financial goals. 
  2. The client-attorney relationship is unimportant, and thus there is no need for transparency, and open, honest communication between the two. This myth is false because the relationship between client and attorney has vast implications for financial success. If a client chooses to withhold important information regarding their finances, and their goals it could negatively impact their assets both now, and in the future. All attorneys, especially those practicing estate and trust law should be held to a high level of transparency. Honest communication between attorneys and their clients is crucial to maintaining a healthy working relationship, and supporting one another as the client strives to meet their financial goals. With years of experience, trust lawyers offer their clients insight and wisdom as to what might benefit their clients the most. It would be highly advantageous for clients to listen, and heed their attorney’s instruction and counsel.
  3. Clients can only establish a trust if they have a large estate, and many assets and are considered financially wealthy. This statement is a myth, that unfortunately, people may believe, holding them back from what could be a benefit to their financial goals. Trusts can be created even if clients have smaller estates and few assets. Clients should speak with their trust lawyers before thinking about creating a trust, but should never be swayed against setting up a trust, based upon their financial status. Trust may benefit the wealthy as well as the middle to lower financial class alike. 
  4. Setting up a trust is too complicated, and not worth the hassle. While each trust is unique to the individual client, with the help of a trust lawyer, it should not be complicated. An experienced attorney will help their client throughout the whole process so they feel at ease, and confident about their financial decisions, and asset protection.