by: Tehila Mörtl
Most popular amongst the baby boom generation, Living Trusts also known as Revocable Living Trusts can provide pre and post death advantages. As you will learn from an Advise & Protect Senior Care Consultants Living Trust Attorney in NY State this is one way in which probate can be avoided and for some it is a manner in which to lower taxes on home and other property to their heirs. Another reason some prefer a living trust is that this allows for continued privacy after death.
In addition to naming a trustee to oversee one’s trust if he or she should become incapacitated, individuals can act as their own trustee as long as they are mentally competent. If married, spouses can act as co-trustees in each other’s living trusts. One may change trustee or other stipulations as they see appropriate throughout their lives. Those without children or an individual they feel confident will follow what is set forth in the living trust, can name a professional fiduciary as their alternate trustee.
That said, living trusts are not suitable for everyone. As Advise & Protect attorneys have been specifically trained in tax and trust law they can assist in establishing if such a living trust is fitting for your elder or if it would be an unnecessary expense as in the case of most individuals of moderate means.
Have a revocable living trust or will in place is of great importance because without one, the state is left to designate who will manage distribution of property and your estate will go to your spouse or closest heirs. In addition, the state would also be free to appoint a legal guardian of minors. With this in mind, there have been plenty of instances in which assigned individuals were not necessarily ones the decedent trusted.
Worded correctly, a living trust not only can designate heirs but can allow your estate to be processed immediately or, should one want, part or all to be held in trust. Advise & Protect attorneys will also review with you how to trim down state and federal estate taxes. As with wills, a living trust can aid in eliminating common disputes among family members. Please keep in mind though, that any family member left out can dispute a living trust.
While it is necessary to have an attorney to draft the original living trust, one need not consult a lawyer when assets change. In cases where individuals did not utilize the services of an attorney nightmarish results have often been known to occur.
Thank you for visiting Advise & Protect Senior Care Consultants in our discussion on Living Trust Attorneys in NY State. Please check back as we continue exploring other elder law topics including but not limited to will and trusts, estate planning, etc. Meanwhile, should you have questions we encourage you to give us a call at 646-820-9202 and speak with one of our Senior Care Consultants. They will be able to answer any questions you might have to begin the process.