Estate planning utilizes various tools or documents to put your plans on paper. This legal document comprises all the details regarding your estate, what you want to do with it, and whom it goes to after your passing. In addition to that, the document is also the place where you will include instructions, such as funeral plans, PoA documents, incapacity plans, and more. All of these are directed at making sure your family and loved ones, especially ones who are dependent on your finances, are taken care of and that your estate goes to people or institutions that you wanted to.
Living trusts are one type of such legal document that allows you to get your affairs in order for situations that are not too pleasant to ponder over. Living trusts, also called revocable trusts, are written documents that place your estate or assets in a trust’s name. You can benefit from this type of trust during your lifetime, protect your privacy, and avoid probate. Once you pass away, the assets funded into the trust will be transferred to the beneficiaries you named in the trust, executed by a successor trustee.
When it comes to other estate planning tools, living trusts are often preferred over wills as they offer better control over the assets. There are many benefits that make deciding on a living trust easier. They are easy to set up with the help of an estate planning attorney. In the end, you’ll have peace of mind, save probate costs, and maintain privacy.
Articles in this category cover various topics related to living trusts. You’ll get to learn the inner workings of a living trust, its benefits, its types, how it can be set up, what mistakes to avoid, how it can be changed, when to update it, and more.
If you are reading this article, it is safe to assume that you are trying to avoid probate, or the official validation of a will. For individuals attempting to avoid the frustrating process of probate, a revocable living trust can be a viable option. Revocable living trusts are particularly useful in a handful of states…
Scenario Andrew has been in perfect health since I knew him, but a month ago he called me from his hospital bed and the person I met there was a shadow of the Andrew I’m used to. He was pale and had lost a lot of weight. Story goes that he had a growth in…
When creating an estate plan to protect beneficiaries, many people establish a trust to hold their property and money and safeguard these assets from creditors. However, what most of them don’t know is that not all trusts can protect the family assets from creditors. If you want to wrap a security blanket around your assets…
Scenario Alice and Paul received information that they mother was in a coma in their home hospital. Alice had been with their mum when she was sick a few years ago, and during the illness, the mother had communicated to Alice about her philosophy regarding being kept alive when she was in a coma. The…
When two lovebirds walk down the aisle, never in their wildest dreams do they imagine that their future marriage could culminate in divorce. It may seem like a logical conclusion, with approximately 9 divorces per 1000 individuals in the state of New York, but most of us refuse to see that side of the coin…
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…
A living revocable trust helps individuals avoid probate, and the hassles and expenses that come with it. It also allows individuals to keep their estate private, so that it is only available to their immediate family in case of their demise. This legalized document enables you to appoint a trustee who is responsible for holding…
Estate planning in Staten Island is not really an easy job to do. You have to pay all these costs, spends hours with an attorney and make tough decisions about your life’s earning and whom it should go to. Also, the constant lingering thought of your own death or incapacity is not exactly fun. However,…
When we hear words like ‘revocable trusts’ and ‘beneficiaries,’ we tend to zone out a little. Our only exposure to these terms has probably been American television shows where it is always the wealthy friend who has a trust fund! They walk around in their expensive furs just waiting to turn 21 so they can…
What Counts as Incapacitation in a Living Trust? However morose it may sound, as responsible human beings we must plan for the dimmest future. You may be happy and healthy right now, but that doesn’t mean you are going to be just so forever. One day, like everyone else, you will leave the world, bequeathing…