Careful Preparation Of A Revocable Living Trust
A revocable living trust can allow you to pass your belongings on to your beneficiaries without going through probate. Preparing such a trust can save your loved ones both time and expense. In New York, there are several requirements you will need to comply with to make certain your revocable trust is legally valid. For example, a living trust must accurately describe the property in the trust as well as clearly discuss a variety of other items. For this reason, it’s always a good idea to consult with an attorney before creating such a trust.
For over 60 years, the lawyers and staff at Polizzotto & Polizzotto, LLC, have been assisting New York and New Jersey residents concerning their legal needs. We are particularly adept at helping elderly people with their needs and concerns. Our mission is to always do right by those we represent. Therefore, we will always make ourselves available to you.
What Is A Revocable Living Trust?
As the name implies, revocable living trusts are revocable and are trusts created during your lifetime. When preparing a revocable living trust, you can change the terms of the trust in the event of changed circumstances.
Some advantages of a revocable trust include:
- Assets in the trust will not need to go through probate.
- The presence of a revocable living trust can reduce the chances of disputes regarding your estate.
- Such a trust can allow you to keep your concerns private while you are still alive.
- A revocable living trust will often allow you to avoid the need for a conservatorship.
It is important to remember, however, that a trust is not a substitute for a will. Nor will such a trust necessarily serve all of your estate planning concerns. Therefore, it’s important to discuss your entire legal matter with a skilled elder law attorney to find out all of your legal options.