The Benefits of a Living Trust
Trust are essential when planning your estate, hence you need a trust law attorney. Through trust, you can have anyone whom you solely desire manage and make financial decisions over your assets both while you are alive or dead as well as when you become mentally incapacitated. Making a decision between a revocable or irrevocable trust comes down to your personal decisions and what you want to make of with your estate. It is however to talk your actions and decisions with an experienced trust law attorney who through the years have ensured the interest of their clients are granted in the most appropriate and legal way.
There are basically two types of trust; revocable and irrevocable and any other types of trust fall into these two categories. A revocable living trust is a legal entity created to hold the ownership of an individual assets. A revocable living trust covers three phases of the trust maker’s life; mainly while he is alive, possible incapacitation and what happens to his estate after death. An irrevocable trust is not the best option for most people as it involve turning over ownership of your estate to another person and this cannot be undone. Although, it has its own many benefit. Contact a New York Law Attorney to discuss the best trust suitable for you.
You would however want to consider a Trust over a last will and testament
Avoidance of probate is of one the major advantage of a revocable trust. Probate is a court supervised process of transferring assets from a deceased to his intended beneficiaries. Even when someone dies and leaves a Will, or does not leave a Will, the assets will still go through probate. Revocable trusts doesn’t require probate because the trust owns the assets and hasn’t died. The trust maker at this point may act as the trustee while managing his own properties. A successor trustee can however be named after the trust maker or grantor dies to manage and oversee the assets. This process would be handled by a trust law attorney.
Another significant advantage of the revocable trust over will is that it prepares your estate in possible event of mental incapability and not just when you die. A successor trustee named in the trust can step in when you become incompetent in handling your financial as well as medical affairs. At this point your Trust lawyer would play a major role to ensuring your interest is achieved. This isn’t fully transfer of property, but a trustee would only manage your finances and properties as you are unable to do so.
With a revocable trust you can keep your estate transfer and protection private. A will becomes public as when it is submitted, it brings up a probate in court. But with a trust, no other than the beneficiary and heir of the trust maker are entitled to see the trust documents. They won’t become public record unless a law suit is made to challenge the trust.
Also, revocable living trust ensures that your wishes are honored about who get your assets or estate. Planning for your future and that of your loved ones is essential. If you feel this type of trust is suitable for you and it sounds like beneficial form of estate planning, you contact a New York Law Attorney for more consultation and help in getting the right documents as well as legal inclusions in your trust.