An essential part of estate planning in NYC is preparing a legalized document with extensive details about how you want your funds to be used and distributed after you pass. One method to ensure that your last wishes are fulfilled is by creating a living trust in NYC. There are many plus points involved when it comes to writing a living trust on time. Some of them include avoiding probate, keeping your estate private, and managing your funds in a better manner.
With a living trust, you can place your funds in a trust and use them for your personal needs during your lifetime. You also get to assign a trustee who is responsible for transferring your assets to your designated recipients (called beneficiaries) after your demise. These trusts are called ‘living’ as they are written when you are alive.
There are mainly two types of living trusts; irrevocable and revocable. The former cannot be modified therefore you need to make it with extreme caution and understand its policies properly before you finalize your decision. The latter on the other hand can be revised or adjusted as per your needs. Due to the flexibility it provides, majority of individuals opt for a revocable trust instead. If you are still in doubt and are unable to make a decision, following are 9 top reasons to write a living trust in NYC to motivate you to secure your assets: