Revocable Trust Lawyers
Estate Planning is a challenging endeavor. That’s why you should never go into it alone. An Estate Planning lawyer can help you set up important things like a Revocable Trust. Whether you’re handling the planned estate of someone else or thinking of Estate Planning for yourself, you’ve found the right page. Estate Planning doesn’t have to be a stressful experience. It can be handled with calm and understanding through the expertise of a knowledgeable lawyer. You’ll never have to wonder if you’re making the right legal decisions or filling out the right forms. Your lawyer will be there for you every step of the way.
A Revocable Trust is a legal arrangement whereby the trustee holds the title of someone else’s property. The beneficiary trusts the trustee to do this and it’s important to pick someone that is entirely trustworthy in this type of situation. It can be a friend, family member, spouse, or anyone else of your choosing.
Four main things must be true in order to set up this type of trust properly:
1. Grantor must exist (person who creates the trust)
2. Trustee must exist (person who agrees to hold title)
3. Principal (money/assets) held for benefit of the beneficiary
4. Trust must benefit someone
It’s the trust that will direct what will later be done with the property that is held in this type of trust. Remember: If you’re the trustee here, you are bound by a fiduciary duty to follow the exact instructions and will of the Trust. In order to carry out your duties properly, it’s VITAL that you have the aid of a New York Estate lawyer who has a proven track record of creating, maintaining, and carrying out the will of trusts like this.
Other names for this type of trust are Revocable Living Trust or Family Trust, two terms that your lawyer will be familiar with. People often set up these trusts because they don’t want to go into Probate. It also helps to reduce estate taxes which are sometimes absolutely overwhelming to an estate. Changes to the trust can be made as you go along, but you will definitely need the infinite help of a lawyer during the time the trust exists. This is tricky business in all varieties of courts, and you want to make sure that you follow everything to the letter of the law. Don’t fall victim to thinking you can do this yourself. It’s an unwise mistake to begin and maintain trusts using only do it yourself knowledge. A lawyer is invaluable in these situations.
What This Trust Accomplishes
When you die, your money and assets can go into Probate. When you have a Revocable Trust set up, you can avoid probate altogether for your loved ones. They simply exercise the wishes of the Trust and you’re all set. You’ve just avoided probate for your loved ones who might be grieving your death and not be able to carry out their duties as far as Probate goes. The great thing about these trusts is that they also save you on estate taxes as well. If your main goal is to avoid probate altogether, a Revocable Trust is something you will want to discuss with us.
Raiser & Kenniff, PC can help you set up, maintain, and execute a Revocable Trust. This is one of our many areas of expertise. It’s second nature to us because we have over 100 years of combined experience setting up trusts just like this, and this isn’t the only trust we can set up for you. Whatever your legal needs of the moment are, we can handle it. As experienced, devoted Probate Lawyers, we’ve seen every situation in the legal system. There’s nothing that we can’t accomplish for you.
Please take a moment to contact us. We offer free, 24/7 consultations that will let you determine if we can help you in your particular situation or not. We promise that we’re completed devoted to every client and have helped thousands to accomplish their needs with Estate Planning, Trusts, and other issues surrounding estate planning. Just give us a call today to get started.