A Living Trust Attorney is a legal professional that can assist you in setting up a financial structure to pass on your property after death. These professionals can help you protect your assets, avoid the probate process, and save your beneficiaries money. They can also advise you about local laws and how they apply to your situation. A trust can be a good option for people with significant assets and minor children. However, it is not a necessity for most people.
The main advantage of a living trust is that it allows you to avoid the probate process, which can be time-consuming and costly. The trustee of the trust will distribute the property to your beneficiaries according to the terms of the trust. A living trust can be revocable at any time and can be amended as your situation changes. Additionally, a living trust will keep your estate private. Unlike a will, which is a public document, a living trust is a private document that can only be accessed by a designated person after your death.
One of the most common reasons to create a living trust is to reduce the amount of taxes that are due upon your death. However, there are some limitations to this benefit. A New York Living Trust Lawyer can advise you on the tax laws in your state and how they apply to your situation.
You should be wary of anyone who promotes a living trust as a way to avoid estate taxes or to protect your privacy. False promoters often use confusing terminology and high pressure sales tactics to take advantage of consumers. They may offer expensive “kits” that contain standard forms that do not necessarily comply with the laws of your state. They may also sell other products, such as insurance annuities, to consumers who have not done their research.
The purpose of a living trust is to transfer ownership of your property to a trustee after your death. You can set up a trustee to manage the assets in your trust, or you can appoint yourself as trustee. When the trust is set up, an individual who owns the property in your estate must retitle it into the name of the trustee. If the trust is to hold real property, a deed must be executed and filed with the county. In addition, there are usually New York City and state tax transfer documents that must be prepared.
A New York Living Trust Attorney can assist you in determining whether a trust is appropriate for your situation and in setting up the proper documents. A qualified attorney can also review your current assets to determine if any need to be transferred into the trust. A New York estate planning lawyer can also review your existing will and make any necessary adjustments to your plan. It is important to talk with a lawyer about your estate plan before you experience illness or frailty.
