A Living Trust Attorney helps you set up an estate planning document that lets you transfer property while you are still alive and provides instructions on how to manage those assets after your death or in the event of incapacitation. It is a very important tool for any estate. While some people try to create a trust on their own, there are many reasons that it is a good idea to work with a Living Trust Lawyer. They will help make sure that your trust is properly worded and complies with state laws. This will ensure that your loved ones receive the property according to your wishes and avoid complications after your death.
In addition, a Living Trust Attorney can advise you on what kinds of property can be transferred into your trust and how to prepare the property for transfer. This can involve transferring real estate, bank accounts, investment accounts and private property. For example, when transferring real estate to the trust it is usually necessary to change the title and also to file tax transfer papers with your local county and city. In addition, a Living Trust can be used to reduce or avoid estate taxes and a Living Trust Attorney can help you determine if this is a possibility for your situation.
When selecting a Living Trust Attorney, you want to be sure that they have experience with estate planning and specifically with trusts. You should also be sure that the attorney you choose has a clean record with the New York bar association and has passed a background check. A trustworthy attorney will be available to answer your questions and provide guidance.
It is a good idea to have a frank discussion about your financial situation with a trusted Living Trust Attorney. While it may be uncomfortable to talk about your assets and discuss your wishes for after-death planning, avoiding such discussions can have devastating consequences for the family members you leave behind.
You will need to decide what assets you want to include in your trust and who will be responsible for managing those assets. The trustee can be either you or someone else that you trust to follow your instructions after your death. You will also need to decide whether your trust will be revocable or irrevocable. A revocable trust can be changed and/or revoked at any time, but an irrevocable trust cannot.
Most importantly, a Living Trust Attorney can ensure that your trust is properly drafted and that the language in it will hold up after your death. Using the services of an experienced lawyer will protect you and your family from expensive mistakes and unnecessary legal fees after your death.
A Living Trust is a common way for a person to reduce estate taxes, keep control of assets and avoid probate after death. A skilled New York Living Trust Lawyer can assist you in creating a trust that achieves these goals.
