If you own significant assets, are in a family with minor children or elderly parents, or are interested in protecting your estate from taxes, a trust is likely a good choice for you. A Living Trust Attorney will help you to establish a financial structure that will meet your individual needs. There are many nuances to establishing trusts, which means that you are best off working with an experienced attorney.
The first step is to take stock of your assets and property. This may include your home, car, bank accounts, investments and other personal belongings. You should also gather any relevant paperwork for the property, like the deed for your home or a title for your vehicle. You should also make note of any debts you have and any other legal issues that may impact your planning, such as a prenuptial agreement or bankruptcy.
Once you have a clear picture of what you own and where it is located, the next step is to transfer those assets into the trust. Depending on the nature of the asset, this may require a new deed or the drafting of specific tax transfer forms. A New York City living trust attorney can advise you in greater detail on this process.
You will also need to select a trustee to manage the trust and distribute your assets when you die or become incapacitated. This can be yourself, a spouse, or a close friend or family member. You should also decide who will receive the property of the trust (your beneficiaries, just as with a will) and name someone to manage any property left to young beneficiaries until they reach an appropriate age to handle it themselves.
Depending on the type of trust you choose, you may also wish to set up sub-trusts for specific purposes, such as providing for a pet or a vacation home. These sub-trusts are typically used to avoid the expense and hassle of probate and provide immediate access for beneficiaries.
The final step is to execute the actual trust document and get it notarized. Once it is complete, the trustee can begin managing your assets and distributing them according to your wishes. You should also keep in mind that a living trust is revocable at any time, so you can change or even cancel it at any point.
In addition, a trust can protect your property from creditors, surviving spouses, and future death taxes. However, the creation of a trust is a complex and expensive task that should not be attempted by a do-it-yourselfer.
If you are interested in learning more about a living trust, or would like to discuss the protection of your estate with an experienced New York City living trust lawyer, call Albert Maimone & Associates. Based in College Point, Queens, this boutique law firm has an excellent reputation for quality work at reasonable fees. Contact the firm today to schedule an appointment. You can expect to be treated with compassion and respect throughout the process.