TRUST LAW ATTORNEY WILL GUIDE YOU ON THE RIGHT TRUST
A trust law attorney Long Island is an experienced trust and estate planning lawyer who through the years have ensured the interest of their clients are granted in the most appropriate and legal way. Working with a trust attorney to plan your estate and future would save you from making the wrong judgment and also the complexities in the various types if trust and state laws. It is important to note that states laws in Long island decides what document or person may be included in will or trust, they are also specific about the formalities and process of forming a trust. A trust law attorney, however, understands this to make the right decisions for you.
Trust forms the bases of how your estates are shared or given to beneficiaries, what happens to you when you die and who makes certain financial or medical decisions for you when you are mentally incapable.
Making a decision between a Trust and a Will comes down to personal decisions on your estate plan. There are various types of trust, but majorly the irrevocable and revocable living trust, other types of trust are the special need trust or the spendthrift trust. These two however can still be placed into the irrevocable and revocable trust.
IRREVOCABLE AND REVOCABLE TRUST
Irrevocable trust isn’t an option for most people because once the trust have been funded, there is no retuning on the agreement. Conversely a revocable trust can be ‘undone’ and the assets or property held or given to another beneficiary. Although the two types of trust has distinct benefit and are applicable in various situations, however it is always in your best interest to plan with you a trust attorney.
With a trust law attorney, you can plan on the right type of trust and maximize it to full benefit. For instance, an irrevocable living trust can be used when you have assets or possessions you want to entrust its full ownership to someone else, this trust would ensure that it is legally done.
Advantages of Irrevocable trust
- Legality and permanency: with irrevocable trust, the transfer of ownership of an asset or possession can be done permanently. Also, the process of transfer of ownership of an estate is done legally, and the trust maker get to make see that this is properly done.
- Secrecy and privacy: if you want to ensure privacy in the transfer of property, an irrevocable trust is right for you. Conflicts may arise after the death of a loved and when distributing properties. By establishing an irrevocable trust, only the beneficiary would be privy to the trust existence.
- Avoid excessive taxes: this is another important reason for establishing a trust. Under the IRS law, the only trust that avoids estate taxes is the irrevocable trust. The reason is that the property no longer belongs to the original trust maker.
Advantages of revocable trust
Revocable trust actually covers three aspects; what happens to your estate when you are alive and well, when you are mentally incapacitated and when you die. This trust remains in the control of the trust maker until their death or when they become incapacitated and can be cancelled anytime. The main benefit of this trust is that it prevents probate and can be used in preparation for when you can make certain decisions over your health and finances.
- Avoiding probate: probate is a court supervised process of transferring assets from of a deceased to the beneficiaries. A revocable living trust doesn’t require probate because the assets has been placed into the trust before the death of the trust maker. Once the assets has been transferred into the trust they will not be considered part of your estate and will not be subject to probate.
Preparing your trust before any uncertain occurrence of the future is a wise decisions, contact a trust law attorney today to assist with the process.