If you are new to the estate planning process, you might need some guidance about what documents are best for your unique situation. A revocable trust can be the solution to a lot of common estate planning concerns as it vastly simplifies the inheritance process. It is created by the grantor and can be changed or terminated at any time. For instance, if you acquire a new property, the trust can easily be amended to include it.
A trust avoids probate.
Many people do what they can to avoid the probate process because it can be time-consuming and complicated. With a revocable trust, the grantor can explicitly state how they would like their assets to be distributed and have their wishes carried out without having to involve the courts. An estate planning lawyer can help you put a trust in place that will save your loved ones the hassle of going through probate court.
You would like to protect beneficiaries.
A trust can shield beneficiaries from creditors and reduce the amount of taxes owed on an estate. In states with an additional estate tax, a revocable trust can reduce the amount of taxes owed on the estate. Assets held in trust are also protected from creditor claims against the estate once the trust passes to the beneficiary.
You have assets in multiple states.
Probate law operates on a state-by-state basis, meaning that if you have property in more than one state, it would need to go through each state’s court system. With a revocable trust, you can pass on assets in more than one state seamlessly, which is useful if your intended beneficiaries live in other parts of the country.
A trustensures privacy.
Probateproceedings are available to the public and include an inventory of the estate,notifications for creditors, and other sensitive information that your familymight wish to keep private. With a trust in place, assets will pass to thebeneficiary without involving the courts, thus ensuring that everyone’s privacyis protected. In cases where the estate is relatively simple and relations areunlikely to cause disputes, a trust is the simplest, most private option.
Slow-movingcourts can delay estate distribution.
Placing assets in trust makes it easier for your loved ones to inherit the property you would like to leave them. With surrogate court budgets being cut in recent years, it can take longer than it once did to process estate claims. While the probate court processes your estate, the executor will be responsible for insurance, mortgage payments, maintenance, and other upkeep, often for months. However, with a trust in place, the named trustee can take responsibility for the property immediately.
If you need further assistance with setting up a revocable trust, a Queens probate lawyer can answer all your questions, from what to include to how to make adjustments in the future. Contact the law offices of Richard Cary Spivack, and put a plan in place to protect your family’s future.