A Living Trust Attorney can help you protect your assets and avoid costly court proceedings in the event of incapacitation or death. While many people prefer to avoid the topic of incapacitation, it is essential for families to have a frank discussion about their finances and consider a Living Trust. A trustworthy New York City Living Trust lawyer can guide you through the process of creating a trust that complies with your state laws and ensures that the beneficiaries receive your property according to your wishes.
A living trust is a legal document you create while you are still alive to outline your property management wishes, appoint trustees and name beneficiaries for your estate. It is a common alternative to a will and can reduce the burden of taxes on your estate and save time and expense for loved ones. However, the process is complex and you should consult with a qualified estate planning attorney. A reputable living trust attorney can also help you create strategies to reduce the amount of property that must pass through probate.
If you choose to set up a living trust, it is important to transfer all your property into it before you die. This can include real estate, cars, bank accounts and other personal property. Typically, the successor trustee of the trust will transfer ownership to your beneficiaries outside of the probate process. However, certain assets cannot be transferred into a living trust, including IRA plans and life insurance policies.
Whether you are setting up a revocable or irrevocable trust, it is important to know what your options are. If you set up a revocable living trust, you can change it at any time, and you may even revoke it completely. If you set up an irrevocable trust, it will not be changed or revoked. If you want to make changes or revoke it, you must resign as trustee and sign a new declaration of revocation.
Before you make a living trust, you should inventory all your assets and property. This will give you a better understanding of what you own, how it is owned and the value of your assets. You will need to gather all relevant paperwork, such as deeds for real estate and title papers for vehicles. You should also understand how a revocable living trust differs from a will and other forms of estate planning.
While you can find some information about living trusts online, it is a good idea to speak with a qualified New York City Living Trust Attorney. A reputable attorney will explain the pros and cons of a living trust and how it can benefit you and your family. He or she will also provide assistance with transferring property into the trust.
A reputable attorney will be licensed to practice in your state and in good standing with his or her bar association. In addition, he or she should have extensive experience in estate planning and should be familiar with the living trust laws of your state. He or she should also be knowledgeable about other areas of law, such as elder care and Medicaid.
