There is a lot of stigma, taboo, and existential fear associated with death. There is not really a need for an explanation why this is so, but yes, passing away and leaving the mortal world can be a daunting thought, to say the least.
However, the fact of human mortality should only convince you to be even more proactive with your life plans. Sure, there are many uncertainties in life, but death is imminent. The thoughts that linger are about caring for your loved ones and protecting what provides for them.
This is the reason why estate planning in Staten Island is an important consideration for any adult. Regardless of your estate’s value, having your wealth sorted gives you peace of mind.
People approach estate planning by setting up a trust or writing a will. Both wills and trusts allow re-titling of their estate into their beneficiaries’ names after the settler passes away.
People use these tools to care and provide for their family when they’re not physically present or capable of e decisions. Along with that sentiment, both trusts and wills have other features that provide specific financial benefits.
If this is your first time coming across estate planning, the concept of a will and revocable trust in Staten Island might go over your head. As a result, making the choice between the two would seem an impossible feat.
The decision does come down to personal preferences and your particular situation. How you want to plan your assets is up to you. However, you must acknowledge that there are certain advantages and disadvantages associated with both.
Similarly, there are certain benefits that give revocable trusts an edge over wills. Understanding what these are can benefit you by clearing up some misconceptions. In the end, the goal is safeguarding your estate so your loved ones don’t struggle after your passing.
Let’s take some of the advantages of a revocable trust in Staten Island has over a will:
Avoids the costly and lengthy probate process
Every estate planning lawyer in Staten Island will mention this point. It is important because the probate process can be quite taxing. In their time of grieving, your family will have to dedicate a lot of time to court proceedings. And then there is the probate fee to think about.
The probate process involves court-supervised proceedings where the transference of your assets to the beneficiaries is determined. This usually happens when the deceased doesn’t have an estate plan or leaves just a will behind.
Revocable trusts avoid this process. With a revocable trust in Staten Island, your trusts are in not your in ownership. The trust has ownership and since it remains operational after your passing, it avoids probate.
The contract remains between the grantor and the trustee, which is often the grantor themselves. In your case, you will remain as the trustee throughout your life.
On your passing or incapacity, the trustee or trust entity will step in and see the distribution through.
Keeping it under wraps
Probate hearings are public. This means that when you pass away, your will is no longer private. Being a public record, it allows anyone to read it. So potentially, everyone can know the details of the plan. This opens possibilities for potential lawsuits and contestations, especially from greedy family members.
When it comes to trusts, the situation is much different. Avoidance of probate means your affairs will be dealt with privately. No one is allowed to access the documents besides you (rules may change in every state). The only time they can become public records is if somebody challenges its validity. This is quite unlikely with a revocable trust in Staten Island.
Incapacity planning
Wills are usually of no help when it comes to incapacity planning. Since they go into effect on your death, your family will request a guardian. This happens through the court. Your revocable trust in Staten Island is one way you can prepare to make decisions for this unexpected instance.
The trust will contain details explaining how your affairs should be managed in the case of your unexpected mental incapacity. This ensures personal wishes are respected and matters stay out of court.
Assets under one roof
A revocable trust in Staten Island is much more flexible when it comes to bringing all of your assets under one plan. There are exceptions, but inheritances are more fairly designated. Also, joint accounts, life insurance policies, and investments, etc., are better accommodated with all their challenges. A will, on the other hand, considers assets under your name only.Making the right choice
Estate planning in Staten Island involves personal decisions. Choosing between a will and revocable trust comes down to what makes more sense for you. Having a lawyer guide you through the process will clear up any queries and come up with an estate plan that meets your goals.
