One of the most basic documents that New York residents may create for
their estate plan is a will. All persons should make a will as soon as
possible so that they can ensure their assets are distributed as they
desire. In some cases, individuals should also create a trust to further
safeguard their assets. Here are the top six reasons that a person should
make a trust:
To Avoid Probate and Conservatorship: By creating a trust, persons can bypass the lengthy and expensive probate
process. A will is forced to go through the probate court in order to
be seen as legal. This may take more than a year to settle, whereas a
trust may be settled in a matter of months, without involving the courts.
To Provide for a Loved One with Special Needs: Those who have children with physical or mental disabilities may provide
for them through a trust without disqualifying them for government benefits.
With a will, persons can bequeath money to special needs individuals,
but this may jeopardize their eligibility.
To Obtain Privacy in Court Proceedings: Any will that passes through the probate court is subject to public record.
A trust, on the other hand, is a private proceeding.
To Get Flexibility for Blended Families: Those who have blended families may consider a trust to provide for children
or spouses from prior marriages.
To Transfer Out-of-State Property: If an individual holds property in another state, then he or she can
more easily transfer ownership of that property in a trust. If the property
is distributed via a will, then there will be additional expenses because
it may have to go through probate in multiple states.
To Protect Assets: In a trust, assets are more easily protected from creditors. This allows
your loved ones to keep more of the assets than they would be able to
with the use of a will, alone.
Have further questions on what a trust can do for you? Speak with a Long
Island estate planning lawyer at the Law Offices of Steven M. Adler, PLLC
to discuss the specifics of your situation. While the firm usually charges
$500 for a Wealth Planning Session, then next two people who mention this
article can obtain the consultation free-of-charge!
Call the firm as soon as possible to get started. Don't forget to mention this article!