If you live in the Long Island area and are in need of a living trust lawyer, call the professionals at Raiser & Kenniff, PC. They offer decades of experience in all matters involving wills, probate and living trusts.
What is a living trust?
A living trust is a trust created by someone while they are still living. Like a will, it spells out exactly how you want your assets to be distributed among dependents and heirs. The living trust has a number of advantages. The difference between a will and a living trust is that unlike a will that has to go through probate, a living will bypasses that step. Now a trustee must carry out your instructions after you pass on. This makes the living will far more advantageous in terms of saving time and money.
What are the basics of a living trust?
A living trust can be drawn up rather easily. The document is started with a template of information that is needed to make it legal:
- The creator of the trust (your name if it’s applicable)
- The trustee, the person in charge of managing the trust
- The trustee who will be in charge of managing the trust and distributing property upon the person’s death
- The beneficiaries — the individuals who will get the assets when the person dies
- The trustee who will be in charge of young beneficiaries. There are times when their are underage children who will receive their assets once they become old enough to handle their affairs
If you are in need of a living trust attorney, allow a professional firm like raiser & Kenniff, PC, to handle your the estate. They will see to it that all of your instructions are carried out to the letter upon your passing. They will work closely with all parties to ensure that matters are concluded in an ethical manner.
In many cases, a living trust is the best option if you have a great deal of assets. Sometimes there are additional financial situations that make this option best. There are two types of living trusts that can be utilized:
- Revocable Living Trust: With this type of trust, assets can be transferred into the ownership of the trust. You can be your own trustee, which means you can change or revoke your trust any time. The assets go directly to beneficiaries without the need for probate. With this type of living trust, estate taxes must still be paid.
- Irrevocable Living Trust: With this type of trust, you can irrevocably give away your assets. These assets are no longer considered a part of your estate so they are not subject to estate taxes. Irrevocable living trusts are only used in extreme circumstances, such as you and your spouse have far more money that could ever be spent.
To find out more information about these types of living trusts, you should contact a lawyer who deals with wills and probate. A Long Island Living Trust attorney can help you draft the appropriate paperwork.
If you hire a living trust attorney to help you get your affairs in order, you should hire a firm that has a great deal of experience in handling such sensitive matters. A seasoned attorney will guide you through the process and answer all of your questions and address your concerns.
If you are looking for a firm that will handle your estate in a highly-ethical manner, call the offices of Raiser & Kenniff, PC. All consultations are free of charge.