A trust attorney can provide invaluable help if you want to use trusts to achieve your asset protection goals or if you want to use [Read more…] The post Do You Need a Trust Attorney to Make a Trust? appeared first on Mark S. Eghrari & Associates PLLC.
A Hauppauge estate planning lawyer will help you to ensure that you make the correct type of trust if a trust should be a part [Read more…] The post What if You Make the Wrong Kind of Trust? appeared first on Mark S. Eghrari & Associates PLLC.
Long Island living trust lawyers can provide you with help in all aspects of trust creation. There are many important decisions to make when you [Read more…] The post Who Should be the Trustee of a Living Trust? appeared first on Mark S. Eghrari & Associates PLLC.
If you have not looked into the subject thoroughly, you may automatically assume you should use a last will as an estate planning device. Many people do go this route, but you should be aware of the fact that you have other options. A last will is not going to be the best choice in many instances. Let s look at some of the reasons why you may want to use a trust instead of a will. Probate Avoidance A last will must be admitted to probate. This is the legal process of estate administration, and the heirs to the estate cannot receive their inheritances until after this process has run its course. In a case that is not especially complicated, an estate may pass through probate in around nine months to year. Plus, there are expenses that accumulate during probate, and it is a public proceeding that allows anyone to find out how you decided to distribute your resources. If all of these drawbacks do not sound very appealing, you could avoid them through the creation of a revocable living tr
Legal matters can be confusing, and this is especially true when documents have similar sounding names. You hear a lot of things about estate planning, and you hear many terms tossed about, so you could come away with misconceptions. We endeavor to clear things up on our blog from time to time, and with this in mind, we will look at the difference between living wills and living trusts in this post. Life Support Preferences There are different types of wills used in the field of estate planning. Everyone has heard of the last will or last will and testament that can be used to facilitate postmortem asset transfers. In addition to the last will, there is another type of will called a living will. This is an advance directive for health care, and it has nothing to do with monetary matters. Doctors can sometimes keep people alive through the utilization of life-sustaining measures like mechanical respiration and artificial hydration and nutrition. This can be true even when a patient is
A revocable living trust can be a very viable solution for a wide range of people who have enjoyed some modicum of financial success. You receive a number of different benefits when you utilize this type of trust as a vehicle of asset transfer. Efficient Control of Resources When you create a revocable living trust, you name a trustee and a beneficiary, or multiple beneficiaries. The trustee is the trust administrator, and the beneficiary is the individual who can receive monetary distributions from the trust. The trust creator or grantor will typically act as the trustee and the beneficiary throughout his or her life. Since the creator of the trust can serve these roles, complete control is retained. Plus, remember, the trust is revocable, so it can be dissolved by the grantor of the trust at any time. Assets can be added to the trust along the way, and the grantor can remove assets from the trust as well, so there is a great deal of flexibility. Future Asset Distributions The ulti