The estate planning process can be overwhelming for many people, and a Living Trust Attorney can help. A trust is an important part of any estate plan, and is usually a good choice for those with significant assets or those who have children with special needs. An experienced attorney can help you determine whether a trust is right for you, and if so, what type of trust would be best.
A trust is a legal document that gives instructions for the distribution of property to your heirs after your death. There are two main types of trusts, revocable and irrevocable. A revocable trust can be amended or even revoked during your lifetime, but an irrevocable trust cannot. Your New York City Living Trust Attorney can explain these differences and help you decide which type of trust is appropriate for your situation.
One of the biggest advantages of a living trust is that it avoids probate, which can be costly and time-consuming. However, this is only true if the trust is properly executed and all relevant paperwork has been transferred to the trustee. A trust requires extra paperwork, including a new deed for your home, a bank account in the name of the trust (not tax-deferred retirement accounts), a list of all assets and their value and any other documents pertaining to your property. A good estate planner can help you minimize the cost of a trust by providing proper guidance on the transfer of assets.
Another reason to set up a living trust is that it allows you to provide for a guardian for any minor children or developmentally-disabled adults in your family. A will cannot do this, and a court battle over guardianship can be expensive and time-consuming for your heirs after your death. A trust is a way to avoid this issue, and your living trust attorney can advise you on the specific language that must be used.
A living trust can also be helpful for those who own property in more than one state. Using a trust, and transferring the ownership of a house or other real estate to the trust, can avoid the need for a probate in each of the states where the property is located. This can save heirs the expense of a lawyer in each state, and it can speed up the division of the estate.
While it may be uncomfortable to discuss your finances with a loved one, avoiding the topic can have disastrous consequences. A frank discussion with a New York City Living Trust Attorney about your current financial situation, and what you want to happen after your death or in the event of incapacity can ease the emotional burden on your family in the future. In addition, it may help to lower the costs of a trust, and make it possible for your heirs to receive more of what you have left them. Contact a New York City Living Trust Attorney to schedule a consultation.
