TRUST LAW ATTORNEY BROOKLYN
Working with trust law attorney in Brooklyn, can make the process of trust plans less complicated. Trust are important to ensure that you and loved ones or benefactor, have their financial future covered. It ensures the transfer of ownership of an asset or property to a separate legal entity. With the help of a trust lawyer, you can place certain assets into trust, thereby protecting the assets left to your children of beneficiaries of your estate from excessive inheritance taxes, and creditor. Trust can also be used safeguard and protect your properties until they get to the rightful hand of the trustee.
There are several types of trust such as revocable and irrevocable living through, family trust, testament trust etc. each are applicable to several situations and as such you need a trust lawyer to file the necessary documents.
Revocable living Trust
A revocable living trust is a legal entity created to hold the ownership of an individual assets. A revocable living trust covers three phases of the trust maker’s life; mainly while he is alive, possible incapacitation and what happens to his estate after his death. When planning for these phases, it is essential you have a trust law attorney, whom through experience on such legal matters, would guide you, and provide the necessary assistance and backing.
While the trust maker is alive, the trust formation and documents ensures that the trust maker own, control and invest in his assets or estate. Even while a trustee may have appointed with the assets transferred or funded into the trust ownership, the trust maker controls the assets during his life time. He reserves the right to undo a revocable trust, hence, the term revocable. The trust maker can reclaim the assets placed into the trust, sell the assets, or divert to another beneficiary.
A trust law attorney Brooklyn would guide you through the next phase of preparing your trust for the future, when cases of incapacitations may come up. The trust document should contain a named successor, someone who would step in and take over management of the estates, make medical decisions as well as financial decisions.
The third and last phase of application of a revocable living trust is when the trust maker dies. A revocable living trust at this point becomes automatically irrevocable. The trustee now also pays the trust maker’s final bills, debts and taxes, just as he would had it being the he was alive but mentally incapable. A Trust law attorney, ensures that the named successor or beneficiary of the estate and properties gets the remaining assets as wanted by the deceased.
Revocable Living Trust helps to avoid probate.
Planning for the future of your loved ones won’t be complete if they still have to fight and go through probate to get what is rightfully theirs. A revocable living trust will ensure that probate is avoided. During the probate process, the entire assets are frozen until a judge decides to either uphold the will or over rule it. Thus, the vital advantage of the revocable trust. It is your responsible however, to plan with your trust attorney to ensure that your assets are placed into the trust before death.
You need a Trust Law Attorney
The functions and applications of trust are wide and diverse, and it is one of the key details to take note during estate planning. You have to plan and meet up with an experienced trust law attorney, who would guide you through the entire process of documenting a trust, and ensure that your wishes are intact even after death.
Contact a Trust Law Attorney in Brooklyn today and have your future covered.