A Living Trusts Attorney Can Help You Avoid Probate

A living trust attorney is a lawyer who specializes in the preparation of legal documents that allow an individual to manage their assets and distribute them after death without the need for probate. These legal documents typically include a declaration of trust, instructions for trustees, beneficiary designations and other related documents. An experienced New York City living trusts attorney can draft these documents based on an individual’s specific needs.

A trust allows an individual to avoid the expensive and time consuming probate process after their death. Probate involves identifying and distributing assets that an estate owns, paying off debts and filing tax returns. Depending on the size of an estate, this process can take months or even years. A trust can avoid this process by putting the assets in a trust, where a successor trustee will oversee the distribution.

Living Trusts Attorney: Safeguarding Your Legacy with Professional Advice

The trustee can also manage the assets while the grantor is alive, preventing family members from fighting over money. The trustee can also act as a guardian for an incapacitated person, bypassing the need for the court to get involved.

A revocable living trust allows an individual to change their terms and revoke the trust, but irrevocable trusts require much more care because they cannot be changed or revoked. In either case, it is important to work with a screened and qualified New York City living trusts attorney to ensure that the legal documents are properly set up. Additionally, most assets must be transferred to the trust, a process known as “funding” the trust, which can require additional paperwork or even legal changes of title.