A trust attorney can provide invaluable help if you want to use trusts to achieve your asset protection goals or if you want to use trusts to take care of your loved ones. Trusts are a versatile and a powerful legal tool. Many people believe that trusts are only for those with a substantial amount of money or assets, but this isn’t necessarily the case. Trusts can have many advantages even for middle class people or people with an average amount of money and possessions.
You want to understand how trusts work so you can determine if this estate planning tool is one that you should use, and you want to make certain to follow the laws for trust creation if you decide that a trust is right for you. You should have a trust attorney advising you and representing you because trust law can be confusing and because the stakes can be very high if there is a problem with the process of creating a trust.
Mark S. Eghrari & Associates PLLC has helped many clients to determine if a trust is right for them and to evaluate the option of creating a trust in comparison with other estate planning tools. If creating a trust is the best choice for you, our legal team is also here to help you to ensure that your trust document is legally valid and that your trust is properly funded. Give us a call today to find out about all of the ways in which we can help you and to learn why it is so important to have a trust attorney if you are thinking about making a trust.
Why You Should Have a Trust Attorney if You’re Making a Trust
There are a few key reasons why it is vital to have a trust attorney if you are making a trust. You want to ensure that you have a lawyer representing you because:
- An attorney can assist you in evaluating whether a trust is the best tool to achieve your goals or whether there are other options that may be preferable. For example, many people use trusts to make sure someone can manage their assets if they become incapacitated. A trust attorney can discuss the pros and cons of using a living trust for asset protection in case of incapacity versus using other tools like a power of attorney.
- An attorney can help with selecting the right type of trust. A revocable living trust has very different benefits than an irrevocable trust. While a living trust gives you flexibility to continue managing assets while allowing those assets to pass outside of the probate process, an irrevocable trust requires you to give up control but can provide more protection from creditors, from estate tax, and from losing assets due to the very high costs of nursing home care.
- An attorney can advise you on the selection of a trustee. Your choice of trustee will determine if your trust assets are managed appropriately or not and will make a big difference when it comes to how effectively the trust administration process goes as your assets pass on to new owners after you have passed on.
- An attorney can assist you on the creation of a trust document. You will need to make certain that your trust document is prepared properly and in accordance with New York law so your trust is a legally valid one.
- An attorney can advise you on funding a trust. There are specific steps that you must go through to change the legal ownership of assets to your trust. You also need to understand what implications changing the ownership of assets to a trust will have. For example, there could be tax implications when you move property into a trust, or you could have problems with your mortgage if you move a mortgaged property into a trust.
These are just a few of the many reasons why it is so important that you get help from a trust lawyer when you are considering the creation of a trust.
Getting Help from A Trust Attorney
If you are creating a trust, don’t hesitate to reach out to a trust attorney at Mark S. Eghrari & Associates PLLC. Our legal team will be there to provide the help and support that you need as you work through the process of setting goals for protecting your family and assets and use tools like trusts to ensure you can achieve those goals.
We will work with you to determine if a trust is right for you, to select the trust that is best for your situation, and to create and fund your trust in accordance with the law. To find out more about the ways in which we can help you, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online to get personalized one-on-one advice. Call now to get your plans started.