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 creation. You want to provide for your loved ones in the best and most effective way possible and a Rochester living trust can often help you to do that.
To find out if you should make a living trust, you should give us a call to get personalized advice from a trust attorney. You can also read on to learn some key reasons why your heirs or beneficiaries would benefit from you taking the time to create a trust.
Your Heirs Or Beneficiaries Would Inherit More Quickly
When you leave assets to loved ones in a last will and testament, they have to pass through the probate process. This process can take around a year to finish, according to Investopedia. If you make a Rochester living trust, then assets can pass in a much more timely manner through the trust administration process. Your family will be able to inherit in a matter of weeks in most cases, so they’ll have the money they need and can move on with their lives.
Your Assets Could be Protected to Provide for Heirs Or Beneficiaries
A living trust can protect your assets in case you become incapacitated by ensuring that your chosen trustee takes over the management of your wealth if you aren’t able to manage money and property on your own. You can serve as trustee and manage the trust assets and name a backup trustee who takes charge when something happens to you. Since you’ll have a trusted and responsible person managing the assets, they won’t be lost due to mismanagement or delays in appointing a guardian or conservator which could happen if the court must appoint a guardian to manage your wealth.
Your Heirs Or Beneficiaries Could Avoid the Probate Process
The probate process can be costly, time consuming, and stressful. Your loved ones would need to handle court proceedings in a time of grief. They’d also face the possibility of losing a good portion of their inheritance to fees and costs associated with probate. You can help them to avoid all this by using a trust to allow assets to pass through the trust administration process.
Your Heirs Or Beneficiaries Could Receive a Larger Inheritance
The probate process typically results in costs equal to around three percent to seven percent of an estate’s value, according to Investopedia. You can help your loved ones to inherit more by using a trust to pass assets through the trust administration process and avoiding these substantial expenses.
The Transfer of Your Assets Would Be More Private
The probate process results in information becoming court record and thus public record in most cases. The trust administration process happens outside of court, and is thus private. Your heirs or beneficiaries may not want court records revealing the details of their inheritance.
Contact Rochester Living Trust Attorneys Today
Rochester living trust attorneys at The Law Office of Michael Robinson, P.C. can provide the personalized, dedicated help and support you need to decide of a trust is right for you or if there are other tools that you could use that would allow you to better meet the needs of your heirs or beneficiaries. We can also offer insight into all aspects of the trust creation process or the process of putting the right documents in place to make a comprehensive estate plan and legacy plan .
To find out more about how our firm can help you with all legal issues related to protecting your assets and providing for your loved ones, join us for a free seminar. You can also give us a call at 585-374-5210 or contact us online to get personalized advice and get your plans underway. Call today to find out more.
- 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