The trust establishment lawyer helps a client set up and administer an estate plan with the goal of accomplishing their personal and financial objectives. This often involves transferring property to the trustee, so that it will avoid probate and protect assets from in-home care or nursing home costs. Trusts are becoming increasingly popular in the United States as an alternative to a will. A trust can provide many benefits, including the possibility of avoiding probate, tax savings, and preserving family relationships. Trusts can also help beneficiaries avoid conflicts and lawsuits that may arise after a person’s death. Our Long Island trust planning lawyers have decades of experience helping clients establish and administer their trusts.
Whether to use a trust in your estate planning is not a simple decision. It depends on the complexity of your estate and who you want to receive your property. Having an experienced trust attorney review your situation and goals will ensure that you select the right type of trust for your needs. They can also explain how trusts work and the legal requirements for creating one in your state.
It is important to note that a trust is only effective when it is funded with the proper assets. It is also a good idea to create a power of attorney for any assets held outside of the trust. This will allow a trusted individual to make decisions for you if you become incapacitated. In addition, you may want to consider a healthcare power of attorney, so that someone will be able to handle your medical decisions if you are not capable of doing so.
After a consultation with an estate attorney, you will need to decide what assets will be transferred to the trust. These can include anything from cash to real estate and stocks and bonds. You should also decide who will manage any property you leave to minors (your estate lawyer can advise you on this). If you have children or young adults, you may also wish to appoint a delegated trustee who will manage their inheritance until they are older and able to manage their own affairs.
You will then need to execute your living trust document, which must be signed in the presence of a notary public and witnesses. It is also a good idea to have your lawyer type the document, as it will be easier for your successor trustees to read. You should keep the original documents in a safe place, such as a bank safe deposit box that is regularly checked by your trustee. It is a good idea to also have digital copies of all of your estate planning papers, which you can share with your trustee and other family members.
After you have created your trust, it is a good idea to transfer all of your assets to it. This can be done by using a standard transfer document and re-titling your assets in the name of the trust. You must make this transfer before you die or become incapacitated.