A Rochester trust administration lawyer can provide assistance with the creation of a living trust. A living trust is not just something that wealthy people should create and it is not only advisable for older people to have a trust — many people of all ages and income levels can benefit from trust creation.
The Law Office of Michael Robinson, P.C. can help you to determine if creating a trust is the best course of action for you. We can work with you to analyze the steps that you should take to prepare for your future and protect yourself, your assets, and your family in case something should happen to you. We can then advise you on whether creating a trust is the right course of action and can guide you through the trust creation process. You should reach out to get personalized legal help today from a dedicated and experienced member of our legal team. You can also read on below to see five reasons that you may wish to create a living trust today.
A Living Trust Provides Flexibility
With a living trust, you can name yourself as the trustee so you do not give up control over the management of your assets. You can make changes to your trust as needed and even decide to end the trust if you no longer feel it makes sense for you to have a living trust.
A Living Trust Allows You to Name a Person to Manage Your Assets if Something Happens to You
If something happens to you, your assets could be at risk if there is no one to manage your wealth. When you create a living trust, you can name a backup trustee. That person can immediately take control over the management of your assets that are held in the trust if something should happen to you. You don’t have to worry about your family members having to go to court to have a guardian or conservator named. You also don’t need to worry your assets will be mismanaged or neglected if there is a delay in a guardian or conservator being appointed or if the court appoints someone to be guardian or conservator who you would not have selected for this role.
A Living Trust Allows For the Timely Transfer of Assets
A living trust makes it possible for your assets to transfer through the trust administration process when you pass away. This can be much faster than the probate process, which Investopedia indicates could take a year or longer. If you have loved ones who are dependent upon your wealth and you want an inheritance to provide for them after you are gone, being able to transfer your assets quickly is vital. This is also important if you have a family business or other assets that need to be managed by new owners right away.
A Living Trust Allows You to Avoid Probate
When you create a living trust, you can avoid the probate process because assets transfer through trust administration. This does not mean that you will not have to pay estate tax. You will still owe taxes on assets in the living trust if your estate is large enough to trigger federal or state taxes. However, your family can save on the costs of probate and the transfer of trust assets will occur much more privately than if you had transferred wealth during the probate process.
A Living Trust Helps You Ensure Your Wishes are Respected After Your Death
When you leave assets to loved ones in a last will and testament, there is a risk that the will could be contested. Although it is possible to contest a trust, it is much less likely that this contest would be successful because of your ongoing involvement with trust management during the course of your life. Creating a trust thus maximizes the chances that you will be the person who gets to decide what happens to your wealth after you pass away.
Getting Help from a Rochester Trust Administration Lawyer
A Rochester trust administration lawyer at The Law Office of Michael Robinson, P.C. can provide the personalized assistance that you need to determine if a living trust is right for you. We can also help you to understand other estate planning tools that you can use, such as a irrevocable trust, a last will and testament, and more.
To find out all about the different ways our compassionate and knowledgeable legal team can help you, join us for a free seminar. You can also give us a call at 585-374-5210 or contact us online to talk with an attorney about making your personalized plans.
- Donor Advised Funds: Too Good to Be True? - September 15, 2021
- Changing “Irrevocable” Trusts Through Judicial and Nonjudicial Modification - September 8, 2021
- Reasons to Supplement Your Estate Plan With Life Insurance - September 7, 2021