Choosing a Living Trust Attorney: 4 Key Factors to Consider

A living trust is a legal arrangement that protects your assets to pass them along to your beneficiaries as you wish. For high-net-worth individuals, it’s a cornerstone of sound estate planning.

But let’s be blunt: The attorney who creates a living trust is only as good as the trust. For people who are very wealthy, it’s a big stake. You want an attorney who knows the complex ins and outs of complex estates, international ownership and the particular issues you are dealing with.

Here, we will look at four key factors to consider when choosing a living trust attorney. These are factors beyond basic qualifications. They are the level of expertise and commitment needed to protect your legacy.

Factor 1: Deep Trust Expertise

You don’t want an attorney who dabbles in trusts. The high-net-worth individual needs a specialist, someone who knows the complex legal tools necessary to protect significant wealth.

You probably have more than just a basic living trust. Think about it: These assets are international real estate holdings, complex business structures, investments in multiple markets – and they require advanced planning.

There’s a true understanding of the various forms of trust and being able to leverage them – from revocable to irrevocable. They know the tax consequences of trusts, both domestically and internationally.

They are capable of the legal nuances required to shift wealth from one part of the world to the next or from one generation to the next. It means creating a strategy to minimize your liabilities and maximize your control.

In fact, many attorneys who say they specialize in trusts don’t have the depth of knowledge that high-net-worth clients need. While they may be good at your standard scenario, they struggle when it’s a complicated asset structure or international. 

You need an attorney with the kind of expertise you’d find at a firm like Dominion, a firm that regularly handles the special issues that confront high-net-worth individuals and families.

Factor 2: Proven Track Record

Experience is not just a bonus in the world of high-net-worth asset protection but a necessity. You want an attorney who has repeatedly proven their ability to manage the special requirements of significant wealth.

You want to find an attorney who has worked with large estates and complex asset structures (offshore trusts and entities) and perhaps even those with high-profile clients. Often, situations similar to these involve a very high level of legal maneuvering and scrutiny.

An attorney’s track record says a lot. Have they managed to negotiate the sometimes complex web of international tax laws? Has money been protected in divorce or high-stakes litigation? Do they have references from previous high-net-worth customers who entrusted their assets to them?

Confidentiality is paramount, and so is discretion. Your lawyer should understand that your financial affairs are delicate and shouldn’t be shared with anyone, period.

Some of the attorneys we have dealt with know they can’t talk – that protecting your reputation is just as important as protecting your assets.

Factor 3: A Global Perspective

Wealth doesn’t have borders. If you have significant assets in multiple countries, you don’t want a domestic-focused trust attorney. What you need is an attorney who is familiar with international estate planning and asset protection.

Many attorneys fall short here. They may be experts in US law but completely unprepared to deal with the complications of foreign trusts, tax havens, or the legal systems of other countries.

Think about it: Do you own property overseas? Are you invested in business in foreign markets? Do you plan to shield your liabilities among a number of offshore structures for the benefit of tax efficiency or asset protection?

If so, your attorney needs to have a global perspective. None of this should be a mystery to the team on your dream team who will be working with you or for you to help you with everything involving your global financial destiny, including foreign tax laws as well as asset protection strategies in various jurisdictions, as well as what’s involved with international inheritance.

We know at Dominion that true wealth protection is a global strategy. Our team consists of a vast network of legal experts located in major jurisdictions throughout the world. This gives us the ability to create and maintain plans to safeguard your assets no matter where they are located.

Factor 4: Unwavering Client Focus

We’re fanatically loyal to our clients at Dominion. It’s the basis of how we do things. We know that high-net-worth individuals need more than just legal expertise.

What they’re looking for is a lawyer who is truly a partner to their small business, which means responsive, good communicators, and which offers personalized service.

In the legal profession, this degree of client focus is unusual. Almost all attorneys are transactional; they move from one client to another, never establishing real relationships.

The stakes are too great for high-net-worth people to adopt such an objective attitude, however. You want an attorney aware of your specific circumstances, objectives, and concerns.

Think of it this way: more than someone to draft documents, you need a trusted advisor who will be there for you for your lifetime and beyond. You need an attorney who is proactive, who anticipates your needs and who provides ongoing guidance as your situation changes.

The Red Flags: Warning Signs of an Incompetent Trust Attorney

We’ve outlined the key qualities you should look for in a trust attorney. But now, let’s look at some red flags that should have you running away in the other direction.

One-Size-Fits-All

No two high-net-worth individuals are alike, so you won’t find a prepackaged solution that fits your needs and goals. A huge red flag is an attorney trying to force fit you into a cookie-cutter, one-size-fits-all trust structure that does not consider your particular situation.

Domestic Only

We’ve stressed that for high-net-worth individuals with assets in multiple countries, a global perspective is key. If an attorney doesn’t seem to know what they’re talking about when discussing international trusts, tax havens, or foreign legal systems, they’re not the right attorney for you.

Lack of Communication

Communication has to be clear and responsive. If you can’t reach your attorney, can’t grasp legal concepts, or are being blown off, it’s time to find a new one.

Fee-Focused

While it’s important, the attorney’s only concern cannot be fees. If you feel the attorney is more focused on billable hours than you, that’s a red flag.

With Dominion, customer care and openness are highly prized. Our first order of business will be to understand your goals and then work with you to formulate the strategy that makes the most sense for you.

The Dominion Difference: Why We Stand Apart

In the world of high-net-worth asset protection, experience and expertise are not enough. You need a firm that understands the problems you face and can offer truly wholehearted solutions. And that’s where Dominion stands out.

Our Global Network

We have a global network of integrated degrees of legal experts. That enables us to create complex strategies that reach across land masses and keep your assets safe regardless of a matter of geography.

Discretion and Paramount

We know that privacy is of the utmost importance to high-net-worth individuals. We make sure that in all our dealings, we are discreet and that you don’t reveal your financial resources.

Proactive Monitoring

The arena of laws and regulations is always shifting. Keeping our finger on the pulse, we track the changes and modify our plans to keep your assets secure.

Long-Term Relationships

Our desire is to establish lasting relationships with our clients. Over time, we become your trusted advisor to help you as your needs grow.

Don’t Wait for a Crisis: The Importance of Proactive Planning

For most people, asset protection is a reactive measure, something you do when you are being sued or otherwise threatened. But true asset protection is all about preventive planning. Doing something today to protect your wealth for tomorrow.

Preemptive Protection

Don’t wait for a crisis to hit. If you create a living trust and other asset protection strategies now, you’re sheltering against future threats such as lawsuits, divorce, creditor claims, and so on.

Tax Optimization

A well-structured estate plan can help you minimize your tax liabilities during your lifetime and after you’re gone. It calls for planning with considerable depth of understanding of tax laws.

Business Succession

If you own a business, a living trust can be a very important tool to help ensure a smooth transition of ownership to your successors. It’s a way of protecting your business interests and legacy.

At Dominion, we are proactive with our wealth management. If you need help creating a comprehensive plan that meets your needs and protects assets for generations, we’re the team to call.

Make the Right Call with Dominion

Dominion would be happy to sit down with you, answer your questions and provide consultation on how your assets can be protected or how any special needs can be met. Our team of professionals is trained and experienced to help you make your estate plan decisions.