A Hauppauge living trust attorney provides insight into trusts for those who are considering creating a trust as well as for individuals whose loved one has created a trust. Trusts can have many benefits in estate planning, including one big advantage for the trust creator (or settlor, as he is called) who is worried about his or her wishes being challenged after a death. For those concerned about the possibility that their family members may challenge their plans for their estate, creating a living trust can be a good idea because it can be harder to contest a trust than it is to contest a will.
Eghrari Wealth Training Law Firm can provide you with insight into all of the different advantages that trust creation could have in your situation, and can assist you in determining if creating a trust is the best option for you. We can also provide help to those who stand to inherit through a trust, as well as to individuals who have a strong belief that a trust should be contested because it is not a valid reflection of the wishes of the deceased. To find out more about the ways in which our firm can help with all of the legal issues surrounding the creation of trusts as an estate planning tool, give us a call today.
A Trust Can be Harder to Contest Than a Will
When you create an estate plan, you do so because you want to control your legacy. You want your wishes to be respected and you want to determine what should happen to your hard-earned money and property when you pass away. Unfortunately, there are times when people who survive you do not respect that. There are many situations where people will decide to contest a will, some of which are very valid but some of which simply involve family members who want to fight because they aren’t happy with the decisions you made.
There are different techniques you can use to try to reduce the chances that your will is going to be contested, or that a will contest will be successful. Including a no contest clause in your will is one way you can try to reduce the chances that a dispute will arise. Working with an experienced attorney and making sure your will is created in accordance with the law can also reduce the chances that a will is going to be contested successfully. However, even with your best efforts, stubborn family members may decide that they want to raise a challenge anyway. This could end up costing substantial money, and, if the challenge is successful, could mean that your wishes are not respected in the end.
If you want to ensure you have done everything you can to control your legacy, you may wish to create a living trust and transfer assets through the trust instead of relying on a will. When you make a living trust, you can name beneficiaries who will inherit and they will receive their inheritance through the trust administration process instead of the probate process. While this does not mean that a trust cannot be contested by law – it can – it is typically much harder for someone to successfully contest a trust.
Contesting a trust is challenging because when you make a living trust, you often make this trust long before you pass away and you manage the trust and the assets throughout your lifetime. You can name yourself as the trustee and then name a backup trustee who will take over the management of the trust assets after death, who will have a fiduciary duty and who will oversee the trust administration process. But, you will typically be personally involved in managing the trust for months or years before the backup trustee takes over.
Since you make the trust early on and manage it for a long time, it is much more difficult to argue that it’s not a true reflection of your wishes, which thus makes it much more difficult to contest.
Getting Help from A Hauppauge Living Trust Attorney
Eghrari Wealth Training Law Firm can help you to create a living trust and can assist you with other steps you can take to reduce the chances that your estate plan will be contested and your wishes not respected. To get help taking control over your legacy, give us a call at (631) 265-0599 or contact us online today. You can also join us for a free seminar to find out about all of the estate planning services we provide and all of the ways we can help you to protect your assets and your loved ones.