Long Island living trust attorneys can help you to determine if the creation of a living trust should be a part of your estate plan. Many people could benefit from the use of a living trust but they do not make one because they don’t realize what these trusts are used for or because they think only people who are wealthy need trusts. You could be missing out on a powerful, important tool for the protection of your assets and for the protection of your loved ones if you do not make a living trust when you need one.
Mark S. Eghrari & Associates, PLLC has helped many clients with the trust creation process. We can carefully review your situation, advise you on whether a living trust is right for you, and help you to go through the formal process of creating a trust document. While a living trust is important for many people making an estate plan, it can be especially essential for you to create this type of trust if you are the family breadwinner. There are a few key reasons why breadwinners should make a living trust including the following.
A Living Trust Can Protect the Inheritance Your Heirs Are Relying On
If you are the family breadwinner, the money and property you own could be vitally important for your dependents. You will no longer be able to provide an income from earning wages after you have passed on, so your loved ones who you were supporting will need something to live on. If you are planning on leaving a substantial nest egg to sustain your family after you are gone, you don’t want that nest egg lost due to mismanagement at the end of your life when you become incapacitated.
By creating a revocable living trust, you can name a person who will act on your behalf to manage your wealth, thereby reducing the chances that it will be reduced in value. However, you should be aware that a revocable living trust provides only limited asset protection. If you are concerned about estate tax or about high nursing home care costs eating into an inheritance your family members are counting on, you should work with Long Island living trust attorneys to find other types of trusts that will provide broader protection for wealth than a living trust can.
A Living Trust Could Facilitate the Timely Transfer of Trust Assets
Another key reason why you should consider creating a revocable living trust if your loved ones are relying on an inheritance to maintain their quality of life is the fact that the probate process can be a very time consuming process. If you transfer your wealth to loved ones via a last will and testament, the assets will typically be transferred through probate, whereas if you transfer assets through a trust, the trust administration process will instead be the method used to transfer wealth.
The probate process is very time consuming and can take around a year, depending upon the complexities of your estate. Your loved ones could be left waiting for a very long time to actually inherit the wealth that you intended to provide for them to replace the income you were bringing in as the family breadwinner. You don’t want your family facing hardship just because of a long delay in receiving an inheritance so you should make sure to create a living trust to allow for the quicker transfer of wealth that your family may be counting on.
Getting Help from Long Island Living Trust Attorneys
Long Island living trust attorneys will assist you with a determination on which legal tools are the right ones to incorporate into your estate planning process. For many clients, the creation of a revocable living trust is one of the key steps in this process. We can help you to determine if you are one of the many who could benefit from the use of a trust to protect your assets and pass them quickly on to your family members.
To find out more about how trusts work and whether trusts are right for you, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online if you are ready to begin the process of making a trust or otherwise use estate planning tools to secure your future.