A Smithtown revocable living trust is a legal tool that you can use to provide protection for your assets and to help you avoid the probate process. Mark S. Eghrari & Associates, PLLC will help you to determine if you should create a revocable living trust and will assist you in understanding what this type of trust can do for you.
Mark S. Eghrari & Associates, PLLC has extensive experience with revocable living trusts and with other legal tools that allow you to protect assets and provide for heirs or beneficiaries in an appropriate way. We can discuss your goals for the future and for your legacy and assist you in determining the best approach to take for your specific situation. You should give us a call to find out about the ways in which our compassionate and knowledgeable legal team can help you to put plans in place for the future.
Does a Smithtown Revocable Living Trust Allow You to Avoid Probate?
A Smithtown revocable living trust can help you to avoid the probate process. This occurs because the assets that you put into the trust do not have to pass through the probate process. The assets that you use to fund the trust can pass through the trust administration process. This is an process that occurs outside of court and that is much faster and much cheaper than the probate process. The process of transferring assets through a revocable living trust is also much more private because no court proceedings need to take place unless there is a problem so no court records need to be created.
The trust administration process can occur to transfer all assets held within the trust, but other assets may have to pass through the probate process so a revocable living trust may not be the only tool that you need to use to avoid probate. You may need to use other techniques in conjunction with the creation of a revocable living trust to pass trust assets outside of probate. For example, you may transfer some of your money and property through pay on death accounts or through joint ownership so the assets are owned as joint tenants with rights of survivorship.
It’s also important to note that while the assets held in a revocable living trust will not have to pass through the probate process, this does not mean that you won’t have to pay estate tax on the trust assets. In general, the assets that are owned by your revocable living trust will still be considered as estate assets for purposes of determining if your estate is large enough to owe estate tax and for purposes of determining how much estate tax needs to be paid on the trust assets.
Getting Help from a Smithtown Revocable Living Trust Attorney
A Smithtown revocable living trust attorney at Mark S. Eghrari & Associates, PLLC will assist you with determining if trust creation is right for you. If creating a trust is an appropriate step, we will help you to determine the type of trust that you should create. We’ll also provide you with comprehensive and detailed advice during the trust creation process including assisting with creating a legally valid trust document and helping you to fund your trust.
To find out about the ways in which our firm can assist you with all aspects of the trust creation process, join us for a free seminar. If you are ready to begin getting personalized help creating a trust, give us a call at (631) 265-0599 or contact us online today.
- Three Tips to Provide Inheritance Planning Insight - June 11, 2021
- Veterans Pension Can Defray Long-Term Care Costs - June 7, 2021
- How Can a Special Needs Trust Trustee Use the Funds? - June 3, 2021