Life is unpredictable, and it’s a wise solution to protect your family and your accumulated possessions in case things go another way than you would prefer. Therefore, it’s worth asking a qualified trust and estate lawyer for legal advice.
A skilled trust attorney will ensure the maximum security of your property and your peace of mind. Shtark Law is a law firm based in New York, NY.
The legal services that we provide comprise estate administration and setting up a trust. So if you’re looking for a trust attorney in NYC, you’re in the right place. Our goal is to reach a successful resolution to each case with the minimum expense. We combine our knowledge and experience in law with an individual approach to each of our clients, providing them with detailed information about their legal options, which allows them to come to reasonable decisions.
Why You Might Need a Trust and Estate Attorney
Basically, trusts and estate planning are among the best ways you can help yourself and your closest people. Yes, death is an unpleasant thing to think of, but let’s be honest: no one in the whole world is able to avoid it.
Value of a Trust
You may suppose that only the richest residents of New York City or elderly ones need a trust lawyer. However, neither income nor age really matters. In big cities like New York, it’s a common practice to take care that your assets will be distributed in a way you want it after you depart this life. Also, people may need a trust to ensure that their money are spent on looking after them in case they aren’t able to do it on their own. Those whose children suffer from a mental disorder find trusts particularly valuable. A trust ensures that a child will be able to spend the money after he or she loses one or both of the parents.
In addition, there’s an essential thing that makes a trust significantly different from a will. As an alternative to wills trusts don’t have to go through probate. The thing is that probate is public, and the information about how much your assets are worth and who inherited them will be available to anyone. With a trust, only a trustee will have this information, which undoubtedly increases the value of a trust. Plus, attorney client privilege ensures that confidential communications between an attorney and a client remain secret. Also, trusts help to cut down taxes, giving you a definite financial advantage.
So if you’ve acquired any assets over your lifetime and you want them to be shared according to your personal preference, you should get in touch with a trust and estate attorney and start drawing up a plan together. Don’t hesitate to do it now and ensure a stress-free life without searching “trust attorney near me” instead of chilling with other retired folks.
What You Have to Know About Setting Up a Trust
Before we go any further, we’d like to explain what trust means with the help of a straightforward example. Let’s say Mr. X asked Mrs. Z to keep a part of his finances, so she could pay for his treatment in case he fell ill. If Mr. X gave Mrs. Z the money straight away, he wouldn’t have any guarantee that she would spend it as he’d like to. Instead, he can take advantage of a trust, and the money will be utilized in agreement with the rules he establishes. In legal terms, Mr. X is the beneficiary, Mrs. Z is the trustee, and the money he gave to her is the trust property.
A trust can hold not only money, but also investments as well as other assets. You have to assign from two to four persons to be your trustees. Typically, people choose family or the closest friends. Another option is to appoint a financial establishment or a law office as your trustee, but keep in mind that you’re going to pay for this service. The cost of setting up a trust can be high. Although hiring a lawyer is pricey, you’ll avoid expensive mistakes, for instance, if the language of the document is misleading.
There are two major types of trusts:
- Within an irrevocable trust, it’s impossible to modify the terms.
- A revocable trust, sometimes referred to as a living trust, allows for making changes in its terms at any time. The trust owner has a power to add and withdraw beneficiaries, as well as change stipulations about how assets have to be managed.
Benefits and Drawbacks of an Irrevocable Trust
A revocable trust is an efficient solution for clients who don’t have critical tax issues but wish to retain control over their assets. Also, it’s a popular option for people who know that thay might become mentally incapacitated due to family history. If the grantor can’t manage his or her affairs any more, the trustee substitutes him or her to operate the assets. In addition, the trust can establish guidelines that the trustee will have to follow.
Downsides of a Living Trust
Due to the flexibility of a revocable living trust, it might seem the only reasonable option. However, revocable trusts have a couple of downsides. While the owner has total control over the trust, it is not protected against creditors. Therefore, if the grantor is sued, the estate may be liquidated to settle any judgment. Plus, when the owner passes away, the trust assets become the subject for estate taxes.
Contact Trust Attorneys
All in all, a carefully tailored trust brings clear financial advantages, secures you from unnecessary taxes and helps to transfer property more efficiently. Get in touch with an attorney who will provide you with the best solution to meet your needs. In many law offices, you can get a free consultation from an estates lawyer who will give you detailed answers to your questions.