Smithtown living trust attorneys can provide assistance with the process of creating a living trust. There are many reasons why you might want to make this type of trust. One of the big benefits, however, is that creating a living trust can give you more control over your assets.
Mark S. Eghrari & Associates, PLLC can provide personalized help and advice in understanding the benefits of a living trust and in creating a trust document that is legally enforceable so you can take advantage of those benefits. We can also help you to explore other estate planning tools that may be right for your specific situation. You should give us a call as soon as possible to get personalized advice. You can also read on to learn some key information about how a living trust can give you more control over your assets.
How a Living Trust Gives You More Control Over Assets
Smithtown living trust attorneys can assist you in determining the best way to protect assets. Many people opt for a living trust because there are a few key ways in which this trust can give you more control.
One of the benefits of a living trust is that you can name a backup trustee. The backup trustee who you select will be able to take responsibility for managing the assets that are held in the trust if something happens to you and you can’t manage this wealth yourself any longer.
Many people experience incapacitating illness or injuries and if they haven’t made an incapacity plan, then their loved ones have to go to court to get a judge to appoint a guardian. When you’ve made a living trust, you don’t have to worry about who the judge will appoint as guardian to manage wealth– the assets in the trust will be managed by the trustee you chose who should have the knowledge to handle the wealth properly.
You can also have more control over management of assets because you can facilitate a more timely transfer of wealth to your chosen heirs or beneficiaries after you pass on. Instead of your assets passing through the probate process, which can take months and which can leave your estate assets in the hands of either an executor of an estate or a personal representative chosen by the court, your assets will pass through the trust administration process.
The trust administration process can be complete in a matter of weeks in most cases unless problems arise, so the assets you hope to protect will quickly be transferred to your chosen heirs or beneficiaries who can manage the wealth in a way you believe is appropriate.
There are some limitations to what living trusts can do, and you don’t get as much protection for assets as you might with other types of trusts such as an irrevocable trust. However, the benefits of added control are substantial with a living trust so you should talk with Smithtown living trust lawyers to find out if this type of trust is right for you.
Getting Help from Smithtown Living Trust Lawyers
Smithtown living trust lawyers at Mark S. Eghrari & Associates, PLLC will work closely with you to determine if the creation of a living trust is the best approach to controlling your assets and protecting your heirs or beneficiaries. We can also provide personalized one-on-one assistance with the creation of a revocable living trust or other legal tools that can work for you to protect your money and family.
To find out more about the services our firm can provide and the ways in which we can help you to control your legacy, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online to get personalized advice about your situation so you can use your hard earned wealth to take care of the people you love. Call today to get your plans underway.