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 New York law and will help you to select the trust which best suits your purposes.
We will also work with you to ensure your trust is legally valid so there are no unpleasant surprises when it comes time for your trust to operate and provide the desired protections. Give us a call to discover more and to get help with the entire process of creating a trust, from initial planning through to the formal creation of your trust document.
How to Prepare for Creating a Trust
If you are thinking about creating a trust, you should take a few steps in order to prepare and ensure that trust creation is right for you. In order to prepare for making a trust, you should:
- List the assets you want to protect. Various types of trusts are used to achieve different asset protection goals. However, there are certain kinds of property that you may not want to put into a trust. You should have a list of the money and other assets you’re hoping to put into the trust so your lawyer can tell you if transferring those assets is possible or advisable.
- Determine who will be your trustee. You should think about who is going to be entrusted with managing assets in the trust and with handling trust administration after you pass away. The person you select as trustee is going to have a fiduciary duty and should be up to the task of managing trust assets.
- Identify your beneficiaries. The beneficiaries are the people whom the trust is created to benefit. The identity of the beneficiaries can matter, as you may need to use a different kind of trust if you’re leaving assets to someone who is disabled versus leaving assets to a minor child or to an adult.
The Law Office of Michael Robinson, P.C. can guide you through the formal steps of the trust creation process so you don’t accidentally create the wrong type of trust or use a trust when other estate planning tools would work better for your specific goals. You should involve an experienced attorney as soon as possible in the trust creation process to avoid mistakes that could cost you and your loved ones.
How an Attorney Can Help with Creating a Trust
A Rochester wills and trusts lawyer will assist with selecting the type of trust aimed at addressing specific risk factors or providing desired protections. Once a determination has been made on what kind of trust or trusts you should create, our legal team will work with you to select a trustee and prepare a trust document that is legally valid.
You cannot afford to make any mistakes in creating a trust because your assets could be lost and your heirs or beneficiaries could be put at risk of financial loss if the error is not discovered until it is too late. The Law Office of Michael Robinson, P.C. knows the ins-and-outs of trust creation and our legal team can guide you every step of the way.
Getting Help from A Rochester Wills and Trusts Lawyer
The Law Office of Michael Robinson, P.C. has provided many individuals and families with assistance creating a comprehensive estate plan and with taking the right steps for asset protection. Our legal team will review your goals, your situation, and the situation of your intended heirs or beneficiaries. We can then advise you on whether you should create a trust and what kind of trust is going to be best suited to meet your needs. If trust creation is the best choice for you, we will work with you throughout the entire process of creating a trust so your trust is valid under New York law.
To discover more about creating a trust and to find out how trust creation fits within an estate plan, download our free estate planning worksheet. You can also give us a call at 585-374-5210 or contact us online to get personalized advice from a Rochester wills and trusts lawyer. Give us a call today to get started.
- How Estate Planning for a Family May Trap the Unwary Practitioner - August 31, 2022
- State Income Taxation of Social Security Benefits - August 24, 2022
- Understanding Tax Apportionment Clauses - August 17, 2022