Hearing the term trust or trust fund, do you instantly make a connection with something you might have come across in a movie or TV show where a trust fund billionaire shows off the things they can do because they are rich? Believe it or not, there is more to trusts than spoiled rich kids blowing away their parents’ hard-earned money on useless things.
The reputation trusts have gained due to popular culture doesn’t encompass the relevance they have for people who are not rich. Trust funds are a vital part of estate planning. It matters little if you are the owner of a château in France or just a small apartment owner in Long Island with a decent amount in savings. A trust fund allows you to protect the financial security of your loved ones when you are no longer there using the property that you own.
Plenty of people avoid estate planning. After all, the basis behind the need to have an estate plan is not something that many people look forward to. Alas, there are but two things certain in life: death and taxes. You deal with the latter until the first one renders you are not able to deal with it, but you cannot avoid either of them.
Taking care of the people you love the most once you are no longer in their lives means it is crucial for you to take on the ominous task of estate planning.
The best estate planning lawyers in Long Island can help you sort all of this out.