Trusts Attorney in Brewster, NY
Creating a comprehensive estate plan is an important part of preparing for the future. Although thinking about life after you are gone can be stressful, it is important to be ready. One of the ways you can pass your assets on to specific beneficiaries is by creating a trust. No matter what kind of trust you choose, it is important to have strong legal representation to guide you through the process. The Law Offices of Andres D. Gil, PLLC has decades of experience representing clients as they prepare their estate for the future. Contact our office today to learn how we can assist you.
Types of Trusts
In general, all trusts fall into one of two categories: (1) a revocable trust; or (2) an irrevocable trust.
- A revocable trust is also known as a living trust as the grantor can revoke the trust at any time during his or her lifetime. In other words, one can change their mind and go back to the drawing board if something changes. A revocable trust is one that may be changed up to and until the time of death. This is commonly executed in lieu of a will to avoid probate.
- An irrevocable trust, on the other hand, specifically removes the property from the control of the grantor. Supplemental needs trusts and Medicaid asset protection trusts are common irrevocable trusts. There may be certain benefits and unintended consequences of creating an irrevocable trust that must be discussed with an attorney to ensure your goals and wishes are met.
However, the creation and funding of a revocable trust does not eliminate the need for a valid will. There will inevitably be some asset that was not transferred to the trust, making the requirement for a pour-over will necessary. In essence, the pour-over will capture all of your property outside of your trust and places it into the trust to entirely avoid probate.
What is a Living Trust?
The living trust is in existence during your lifetime. It has a trustee, usually yourself, and a successor trustee to take over at the time of your passing. While you are living, the trustee is generally responsible for managing the property as you direct for your benefit. When you pass, the successor trustee is generally directed to either distribute the trust property to your designated beneficiaries, or continue to hold the property and manage it for the benefit of your beneficiaries. Unlike a will, the trust can provide you with a vehicle to manage your property during your lifetime, and authorize the trustee to manage the property and use it for your benefit, or your family’s benefit, should you become incapacitated.
Contact a Putnam County Trusts Attorney
If you or a loved one needs assistance creating a trust as part of the estate planning process, it is important to have a legal team you can trust. The experienced legal team at The Law Offices of Andres D. Gil, PLLC proudly represents the interests of clients throughout Putnam County when they need compassionate, knowledgeable guidance to create a trust. For additional information about how a trust can benefit you and your loved ones, contact The Law Offices of Andres D. Gil, PLLC today.