Although you may have heard a lot about living trusts, you may not fully understand what a living trust is. There are a number of different types of living trusts, but the two basic forms are the revocable trust and the irrevocable trust. With the revocable trust, you will still remain in control of the trust and can add assets to the trust, or remove them, as you see fit. The irrevocable trust usually provides more protection from creditors and taxes, but you do lose some control of the assets … [Read more...] about What is a Living Trust?
Wills & Trusts
The revocable living trust is a very useful estate planning tool, and these trusts are quite popular among those who understand the facts. When you maintain direct personal possession of your property, the property becomes probate property initially. Probate is a legal process that takes place under the supervision of the Surrogate's Court in the state of New York. This process is quite time-consuming, and the heirs to the estate do not receive their inheritances while the estate is being … [Read more...] about Revocable Living Trusts: Who Can Act as Trustee?
One of the most common additions to a well thought out estate plan is a living trust. While a living trust can be used to further a seemingly infinite number and variety of estate planning goals, all living trusts have one thing in common, the need to appoint a Trustee to administer the trust. If you recently learned you were appointed to be the Trustee of a trust, and you have never before acted as a Trustee, you are probably unsure where or how to get started. With that in mind, the Rochester … [Read more...] about Steps for a New Trustee to Take
There are many reasons why you may wish to create a Rochester living trust. The Law Office of Michael Robinson, P.C. can provide you with insight into whether you should create this type of trust and -- if it is the right tool for you to use -- our compassionate and knowledgeable legal team can help you to create a trust plan. One of the many reasons why you might want to make a living trust is that your heirs or beneficiaries would benefit in important ways as a result of your trust … [Read more...] about Why Your Heirs Would Prefer If You Make a Rochester Living Trust
A Rochester trust attorney provides assistance with creating trusts. Making a trust can be a key part of your estate plan or asset protection plan because trusts are versatile, powerful legal tools that you can put to work to accomplish important goals. Unfortunately, there are circumstances where people make trusts, think their assets are protected, but end up not getting the benefits that a trust could provide them because they have made mistakes with trust creation. The Law Office of … [Read more...] about What if You Make the Wrong Kind of Trust?
Estate planning attorneys at The Law Office of Michael Robinson, P.C. can provide help with the creation of a comprehensive estate plan. Making an estate plan is important to ensure you have control over your legacy and have provided for your loved ones. Unfortunately, many people do not realize all that is involved in the estate planning process. Far too many people think making a last will and testament is sufficient and that they are done with their estate plan after they have made a … [Read more...] about When is a Will Not Enough?
There are many reasons for contesting a will that can arise during the probate process. When you are making your estate plan, it is important to understand the possible ways that someone could argue against the validity of your will. If you are the executor of an estate or if you stand to inherit after a death, you also need to know why people might contest a will so you can be prepared in case there is a risk of a will contest during the probate process you are involved in. The Law Office of … [Read more...] about Key Reasons for Contesting a Will
A revocable trust is created to accomplish a few different purposes. Many people create a revocable trust, or a living trust as it is also called, in order to facilitate the transfer of assets without those assets going through the probate process. If you are concerned about who will manage your property if you become incapacitated, the creation of a revocable trust could also make sense as you can name a backup trustee who will be vested with the obligation to take care of your assets held in … [Read more...] about What Assets Should Be in My Revocable Trust?
Creating a trust can provide you with many important benefits to protect financial security and to protect your loved ones. Trusts are used for many different purposes, and you need to understand which type of trust is going to best accomplish the goals that you are hoping to achieve. The Law Office of Michael Robinson, P.C. can provide assistance with the trust creation process. Our Rochester wills and trusts lawyer can advise you on the different kinds of trusts that can be created under … [Read more...] about How to Prepare for Creating a Trust
Laws surrounding wills and probate are very complicated, and many people are simply not sure of what New York law actually requires when it comes to creating a legally valid will and probating that will after a death. You need to know the laws on making a will, as well as the rules for the probate process, so you can make sure you protect yourself and your family members. A Rochester estate planning lawyer can help. The Law Office of Michael Robinson, P.C. knows New York laws on wills and … [Read more...] about Misconceptions About Wills and Probate