Long Island living trust attorneys can provide help with trust creation. We can work with you to determine if creating a trust is a smart course of action to accomplish your incapacity planning or legacy planning goals. We can also help you to understand the different types of trusts you can create, what you can use different trust types for, and what type of trust is right for you.
To find out about the personalized assistance Mark S. Eghrari & Associates, PLLC can provide with trusts, give us a call. You can also read on to find out about five key reasons why you might want to create a living trust.
1. A Living Trust Helps You Protect Your Assets in Case of Incapacity
If something happens to you that leaves you incapacitated and unable to manage your own assets, your loved ones may need to go to court to have a guardian or conservator named. The guardian or conservator will eventually be put in charge of managing your wealth, but during the interim period of uncertainty, the value of your assets could decline due to neglect.
When the guardian or conservator is appointed, the person the court selects may not be the best person to manage your wealth. Continued losses could occur due to your assets not being managed in the most appropriate way.
This can be avoided if you put assets into a living trust. You can name a backup trustee who has the authority to manage the trust assets as soon as you become unable to do so. The backup trustee you select should be someone you are confident can manage assets properly so your wealth is protected even if you become incapacitated.
2. A Living Trust Allows Your Assets to Transfer More Privately
When you pass away, your assets are typically transferred during the probate process. This process takes place in court, so the details about your estate and the transfer of your wealth are aired publicly in a courtroom and could become court record. You may not want all of your financial and family business to be aired before the court. If you make a living trust and facilitate the transfer of your assets via the trust administration process instead of the probate process, there is no need to go to court unless a problem arises and your privacy can be preserved through the trust administration process.
3. A Living Trust Allows Assets to Transfer More Quickly
The probate process takes a long time to occur, especially if you have a complicated or large estate. Investopedia estimates it takes around a year for an estate to be probated. Your estate could take longer if you have a lot of assets or if problems arise such as someone contesting a will. You can avoid this lengthy delay and facilitate the timely transfer of assets through trust administration.
4. A Living Trust Allows Assets to Transfer More Cost-Effectively
The trust administration process is also much less costly than the probate process. This means by transferring assets through a trust instead of through the probate process, you can save your family money and allow them to inherit more. However, you should be aware that the creation of a living trust does not help you to avoid estate tax that could be assessed on larger estates, even though assets do transfer outside of probate.
5. A Living Trust Gives You Flexibility
A living trust provides you with flexibility. You can continue to retain control over assets by acting as your trustee. You can also modify the trust or end it at any time.
Getting Help from Long Island Living Trust Attorneys
Long Island living trust attorneys at Mark S. Eghrari & Associates, PLLC can provide the help you need to determine if creating a living trust makes sense for your situation. We can also provide assistance with the entirety of the trust creation process so you can make the right type of trust and ensure your trust document is legally enforceable and provides the expected protections.
To find out more about how Mark S. Eghrari & Associates, PLLC can help you, join us for a free seminar. If you are ready for personalized assistance with the trust creation process, give us a call at (631) 265-0599 or contact us online.