Sheryll Law, P.C. helps clients protect their assets and avoid probate with revocable trusts in Long Island.
Protect Your Assets and Loved Ones With a Revocable Trust
A Revocable Trust is a flexible tool that allows individuals to access their assets at any time. While an Irrevocable trust has many benefits such as minimizing estate taxes, or maintaining eligibility for government programs, a revocable trust may be better suited for you. It’s important to remember that as the grantor of an irrevocable trust you lose control of the assets of the trust. You may need access to the money in your trust. This is the primary reason that some individuals develop an estate planning strategy with a revocable trust. Many families may develop a strategy with multiple types of trusts to best suit their needs.
Consult with an Estate Planning attorney to develop a strategy and determine what trust is best suited for you.
Benefits of a Revocable Trust
Revocable trusts provide numerous benefits that can be crucial to an estate plan.
Key benefits include:
- Avoiding probate
- Avoiding guardianship
- Maintaining privacy
- Make changes to provisions
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What Does A Revocable Trust Mean?
Avoiding probate is often the primary reason Long Island residents choose a revocable trust when establishing an estate plan. With a revocable trust the individual can nominate themselves as trustee so that they are still in control. Then a successor trustee will be appointed who will step in if they become incapacitated or pass away. This trust can determine how your assets will be dealt with and to whom.
A revocable trust is only effective if it is funded. Once the document is created and signed, your attorney will help you fund the trust. To do this, you must transfer the property into the trust. Funding the trust is crucial so the Revocable trust works as intended and avoids probate.
When To Choose A Revocable Trust? Instead Of A Will
Probate is often a long and complex process. The common misconception is that having a Will avoids probate. However, a trust is the tool that helps Long Island residents avoid probate if it is properly funded. A Will is commonly used to determine guardians for minor children should the unthinkable happen. If your primary concern is avoiding probate, having privacy and seamlessly transferring your assets to your family, a trust may be the best tool.
A Revocable Trust and Will work together to achieve a common goal. Your Long Island revocable trust attorney may recommend a pour-over will to supplement your revocable trust.
A pour-over Will provides protection if your property or assets were not added to the trust. If you are unsure of which documents you need, speak to a Long Island revocable trust attorney. Your attorney can explain all the documents necessary for your estate plan to work smoothly.
Does A Revocable Trust Avoid Probate
The key to avoiding probate is funding the trust. Assets within a revocable trust are not subject to probate in Long Island. The trustee will follow the terms of the trust to distribute the assets without having to go through probate court. . Avoiding probate allows beneficiaries to maintain privacy and receive assets quickly. Unlike wills that go through probate, revocable trusts are not part of the public record. People cannot find out what was in the estate or what items people received when they were in a trust. Speaking with a Trust Attorney will provide clarity on what trust is best for your family.
What Assets To Include In A Revocable Trust
Long Island residents typically put high-value items in revocable trusts to prevent probate. These items include real estate, precious metals, patents, copyrights, stocks, and bonds. People also include specific distributions to loved ones so that they can give valuables, collectibles or business interests to a specific person. If property needs to be sold or purchased, a revocable trust can transfer ownership easily. Consult with a Long Island trust attorney to develop a strategy regarding what assets should be placed into the trust.
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