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Asset Investment Trust – The Attorney Question
“Do I need an attorney to create a trust?” “Can I do this myself?” The short answer is “No” you don’t need an attorney and “Yes” you can create your own trusts; however, many factors must be considered.
1st – Trusts are legal documents and they control and convey the ownership (Title) of real or personal property. Trusts can tremendously affect your taxes and net worth. Any time you consider transfer of a property you should consider the legal ramifications and may want to consult an attorney or CPA, but you want to make sure they are well versed in Trusts and the Law associated with them.
2nd – Many states do not require attorneys to have any education in trust law. Since most trust law is part of English Common Law it was originally part of our constitution. Many of the rulings on trust law have been in a few states like Illinois and Massachusetts. Other states are beginning to model these laws but the process is slow to come. Make sure your attorney understands trust law and the benefits of using trusts.
3rd – It may be less expensive to purchase or create your own documents and simply have ... more

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