Create a Revocable Living Trust that Suits Your Needs with a Long Island Revocable Trust Attorney
A revocable living trust can be a complex document, and it must meet certain requirements to be legally enforceable. To ensure that your revocable trust meets your needs and is capable of being upheld if necessary, connect with a Long Island revocable trust attorney from Davidow, Davidow, Siegel & Stern and continue reading to learn about how a revocable living trust can add value to your broader estate plan.
Trusts Come in Many Forms
Beyond wills, trusts are the most often used estate planning tool that can suit the needs of a diverse array of clients. To support your wishes, there are several specific trusts that individuals and families can put into place to achieve more specific and focused estate planning goals.
Common types of trusts with specific goals include:
- Special Needs Trusts – ensures that children or other loved ones with special needs are provided with necessary resources while maintaining eligibility for essential benefits
- Charitable Trust – provides for the donation of assets for philanthropic purposes; can be established both while you are living or after you have passed
- Revocable Trust (also known as a living trust) – the most commonly used estate planning instrument beyond the will
One of the main roles that your estate planning lawyer plays is identifying which estate planning instrument is best to accomplish your goals, then helping you put it into place.
What is a Revocable Living Trust According to A Long Island Revocable Trust Attorney?
While you might think that when your assets or other property go into a trust you lose control over them, that is not necessarily the case. When you establish a revocable living trust, you can maintain control over the assets you incorporate into the trust. Through a revocable living trust, you can guard against the practical and financial burdens that generally await the survivors of persons who pass without a trust and must go through the probate process.
A trust is a place to transfer specific assets, or even all of your assets, depending upon your needs and preferences. The process begins by “funding” the trust, which requires the creation of documents to transfer ownership of the assets from your name into the name of the trust. Assets may include real property, personal property, bank accounts, or investments.
When you create a “revocable” trust, you are reserving the power to terminate or revoke the trust at any point during your lifetime unless you become legally incapacitated. The trust is created and funded with the assets you determine. As the creator of the trust, termed the grantor, trustor or settlor, you have the power to remove and add assets to the trust or to terminate it altogether. You retain full control of ll trust assets!
The designation of specific assets into the trust is managed by you during your lifetime because you are notably also the trustee! Depending upon the structure of your revocable living trust, which your Long Island revocable trust attorney will help you decide upon, you will still have the right to use the assets in the trust to your benefit. Upon your passing, the person or entity you identify in the trust as the “successor trustee” is responsible for the payment of all related debts and taxes, and then for the distribution of the assets in line with the trust agreement all without court involvement!
The Main Benefits of Revocable Trusts
Establishing a revocable trust has two primary benefits for most of our clients:
- Eliminating the Probate Process – one of the main goals of establishing a living revocable trust is to make the process of distributing your estate more efficient and less expensive
- Planning For the Prospect of Incapacity – creating a revocable living trust enables you to establish successor trustees to manage your financial concerns if you become incapacitated, providing valuable support for your family while insuring your wishes are followed
- Privacy – a revocable living trust will avoid probate and thus your affairs will not become a public record
Speak With A Long Island Revocable Trust Attorney
If you have particular assets or personal property that you would like to explore putting into a revocable living trust, or other estate planning concerns, it is time to connect with a Long Island revocable trust attorney. The experienced estate planning attorneys with Davidow, Davidow, Siegel & Stern have helped clients create customized plans for the future of their assets. For guidance every step of the way, connect with us at (631) 234-3030 or make an appointment.