Do you know how your property and assets will be distributed to your loved ones at the time of your death? While your last will and testament provides instructions on who gets what, the process of actually cataloguing, appraising, and distributing your assets through probate court can be both a lengthy and expensive endeavor. However, by establishing a living trust during your lifetime, you can essentially eliminate the need for probate at the time of your death and ensure your property is smoothly transferred to the correct parties. At Davidov Law Group, our trust attorneys have helped countless clients throughout Nassau and Queens Counties and can walk you step-by-step through the process of creating a living trust.
Our firm stands apart from the rest of the pack for the following reasons:
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A “trust” is a legal tool that allows you to appoint a trustee to hold and manage property for the benefit of another person. In a living trust, you can appoint yourself to be the primary trustee and retain full control over the management and passing of property held in your trust, thereby eliminating the need for probate court at the time of your death. This can be a great gift to your loved ones, as it can spare them from both the hassle and costs of dealing with New York’s notoriously complex probate system upon your passing.
To create a living trust, you must:
It is also highly important that you name a successor to your living trust who will take over in the event of your incapacity or death. Instead of passing through probate court, your successor trustee will assume control of the property in your trust and distribute your assets as you have instructed.
A living trust works best in tandem with a last will and testament and as part of a comprehensive estate plan. A will provides a backup of sorts for any property that is acquired after you create your living trust, or any property that is otherwise not covered under its terms. You may use your will to name someone to inherit any property that you have not left to a particular beneficiary or entity in your trust.
While nobody wants to think of their own death, it is important you plan early to ensure your loved ones will be well taken care of when you are gone. At Davidov Law Group, our Nassau County estate planning lawyers can help you put in place a plan that ensures your wishes are carried out as smoothly as possible. With one-on-one, personalized care, we can provide the sound legal guidance you need and ensure your future is in good shape.
The best way to get started is by scheduling an initial consultation today.
A. Minghini
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