When you pass away, you will most likely want to use a Living Trust Attorney to create a document that leaves your assets to the people you choose. Probate is a public process that can take anywhere from nine months to two years. In addition, assets can be frozen during this time for inventory and cannot be distributed or sold without court approval. Probate is also highly public, which means it will expose your family to disgruntled heirs and unscrupulous solicitors.
A living trust attorney specializes in this type of document. This type of trust, also known as an inter-vivos trust, allows the creator to avoid probate, a lengthy and costly process that often times does not result in the distribution of assets. If you choose to use a living trust, your attorney will make sure your assets are distributed according to your wishes. If you are concerned about the process, a living trust attorney can help ensure that your wishes are carried out.
When you create a living trust, you select a successor trustee to manage your assets in the event you become incapacitated. The successor trustee will oversee the trust after your death, eliminating the need for a court-appointed guardianship. If you are married, you can even name your spouse as a trustee. Your spouse will automatically manage your trust’s assets once you pass away. Then, your children can benefit from the money you have accumulated in your trust.
A living trust is not for everyone. Single people, renters, and people without children do not need one. However, people with significant assets may wish to consider it. In addition to protecting their assets from state taxes, the federal government does not have estate taxes. Estate taxes are only applied to individuals with a net worth of $12 million or $24 million if they are married. In New York state, the threshold for this tax is lower and the rates are lower.
While there are some common benefits to using a living trust, you should make sure to find the right one for your specific situation. A qualified attorney will be able to help you choose the best trust form and can help you find other ways to protect your assets. And don’t forget to use a Living Trust Attorney to help you set up a trust! The benefits of working with an attorney are numerous. If you don’t want to make a mistake, you should seek advice from an attorney to ensure that your family and loved ones are taken care of.
A living trust is a legal document that protects your beneficiaries upon your death. The process of establishing one will prevent the stress and expense of probate. There are different types of living trusts, from simple to complex. However, a competent attorney will be able to help you make sure that your property is properly divided. While a living trust is not a legal requirement, it does help your beneficiaries to receive their inheritance without any hassle.
