New York Revocable Trust
A New York Revocable Trust Lawyer can tell you that Estate Planning can be a confusing undertaking. Often, the first time someone may encounter Estate Planning matters is when they are called to deal with a family member’s estate, or when they have decided to create their own estate plan. One of the key documents to consider as part of an estate plan is the Revocable Trust. A Trust is a legal arrangement where a trustee agrees to hold the title of property for the benefit of another (the beneficiary). A Trust will always contain four key components:
- There must be a grantor (the person who creates it);
- There must be a trustee, who agrees to hold title to the property;
- The principal (money and assets) of the Trust must be held for the benefit of another (the beneficiary);
- Someone must benefit from the creation of the Trust.
A Trust will inform the trustee what should be done with the Trust property. The trustee is bound by a fiduciary duty to carry out the instructions in the Trust. As with all Estate Planning matters, it is important to have the guidance of a New York Estate Lawyer to help you draft a document that honors your wishes and ultimately, protects your loved ones.
A Revocable Trust, also called a Revocable Living Trust or Family Trust, is a great tool to avoid Probate, and often reduce estate taxes. This type of Trust is created while you are living. Because it is revocable, you can make changes to the Trust as circumstances dictate. The document will set forth how the property will be handled while you are alive and what should happen to the property after you pass away.
Probate is a court supervised process where after someone passes away, their Estate Planning documents, including their Last Will and Testament is submitted to the Surrogates Court. The court will verify all the documentation, and issues Letters Testamentary. An executor will be appointed to manage the estate, which will include things such as taking inventory of the estate assets, paying the debts of the estate, and distributing assets to heirs. Probate can become a long and complicated process. It can also drain valuable assets from the estate if the matter drags on, or if there is a Will Contest, or Probate Litigation matter that arises. By having a Revocable Trust, when you pass away your estate will not have to go through the Probate process, saving time and money.
It is important to consult with an experienced New York Estate Lawyer to formulate an Estate Plan that makes sense for you and your family. Estate Planning can become complicated, and it is important that you have your bases covered in the event that tragedy strikes. Stephen Bilkis & Associates, PLLC have experienced lawyers ready to lend assistance, and will also provide you with a free consultation. Whether you need a Conservatorship, an Advanced Health Care Directive, or have an Estate Administration issue, we are here to help. Contact us today for your free appointment at 800.696.9529. We have offices to serve you throughout New York, Manhattan, Brooklyn, Bronx, Queens, Staten Island to Long Island in both Nassau County and Suffolk County and Westchester County.