Living trusts are a way to provide for your friends and family members while avoiding the expense and stress of probate for these individuals. These financial arrangements offer the opportunity to receive income from your trust during your lifetime and to streamline the process of transferring these assets after your death. Working with a New York trust lawyer is the best way to set up and manage a living trust to pass on your assets in the most practical and painless way possible. Lesly R. Devereaux New York trust lawyer is here to assist her clients.
Rather than retaining your assets in your own name, your attorney will create a trust that will hold some or all of these assets. Assets that can be transferred to the trust include real estate, vehicles, investment accounts and other financial resources. Income derived from the trust can be transferred to you during your lifetime or can go to any recipient you designate. You may be able to change the terms of your living trust if your circumstances change or if you need to change one of your beneficiaries for any reason. You will need to name a trustee, which can be yourself, your spouse or any other person that you trust to handle these financial arrangements before and after your death.
There are three primary benefits of setting up a living trust:
Living trusts are divided into two major categories:
Your attorney can typically provide you with added help in deciding which type of living trust is right for your needs.
Do Living Trusts Replace Wills?
You will need a will regardless of whether you choose to create a living trust. Your will serves as an outline of your wishes in the state of New York. Living trusts can help you to distribute your assets more easily. They are not, however, a replacement for a valid will. New York Trust Lawyer Lesly R. Devereaux can provide you with assistance in creating a will that complements your living trust to ensure that your assets are distributed according to your wishes.
At the law office of Lesly R. Devereaux, we offer practical options for establishing living trusts and other legal arrangements for our clients. If you are looking for a New York trust lawyer, our team can deliver the best and most practical options for your needs. To learn more about the services we offer, schedule an appointment here, or email our office at LD@leslylaw.com. We look forward to the opportunity to serve you now and in the future.