Mr. Goodwin is everything you want in an attorney: professional, honest, thorough, and genuinely caring. He always explains things clearly, so I understood exactly what was happening and what to expect next. His attention to detail and persistence really stood out. Looking back, I feel lucky to have found him. He guided me through the whole process expertly, and I deeply appreciate all his hard work. Would definitely recommend him to anyone needing legal help.
A living trust is a legal document that allows you to place your assets into a revocable trust while you’re still alive. The trust will then manage your assets for your benefit during your lifetime and can distribute them to your beneficiaries after your passing—all while avoiding probate.
In a revocable trust, you are the grantor, trustee, and beneficiary. Upon your death, you designate successor trustees who will then manage the trust assets for the benefit of your successor beneficiaries. Establishing a properly-drafted living trust can offer several key benefits:
Avoiding Probate
Probate is the court-supervised process of distributing assets after someone dies. It can be extremely lengthy, expensive, and completely public. With a living trust, your assets transfer directly to your chosen beneficiaries according to the trust terms without going through probate.
Planning for Incapacity
With a living trust, you determine how your assets should be managed if you become incapacitated. This avoids the need for court-appointed guardianship. Your chosen successor trustee can manage your assets on your behalf, in accordance with your wishes. In addition, once you regain capacity, there is no need to go through legal proceedings to acquire management over your assets again.
Privacy
Unlike probate, trusts are not considered public records. The details of your assets remain private. This added privacy is appealing to many high-net-worth individuals and families.
Control and Management
When you create a living trust, you still maintain complete control over the assets during your lifetime. You can amend or even revoke the trust at any time while alive. Upon your passing, your selected successor trustee will manage the distribution of assets according to your specific directions in the trust document.
Simplified Transition for Loved Ones
The living trust provides clear legal instructions for how your trustee should handle distributing your assets after your death. This simplifies matters greatly for your loved ones and beneficiaries during an already challenging time.
Potential Cost Savings
Creating a living trust does require legal guidance and proper drafting, which entails start-up costs. However, it can end up saving a significant amount in probate costs in the long run. For larger estates, the savings often outweigh the expense of establishing the trust.
If you have a significant estate, a living trust can be an extremely beneficial part of estate planning. Of course, it requires skilled legal expertise to establish properly. If you are interested in creating a living trust, our law firm has extensive experience assisting clients. Should you need legal advice, we at the Law Offices of Albert Goodwin are here for you. We are located in Midtown Manhattan in New York City. You can call us at 212-233-1233 or send us an email at [email protected].
About the Author
Albert Goodwin Esq. is a licenced New York attorney with over 17 years of courtroom experience. His extensive knowledge and expertise make him well-qualified to write authoritative articles on a wide range of legal topics. He can be reached at 212-233-1233 or [email protected].
