A living trust attorney provides you with advice on whether you should create a living trust and on whether a living trust is a good choice for you or not. Many people think that a trust is something only the wealthy need to worry about or that a trust is something that only old people need to create. The reality is, even young people can and should consider creating a living trust under the right circumstances.
Mark S. Eghrari & Associates PLLC is here to help you to determine if your particular circumstances would justify creating a living trust or not. You should work with an attorney at our firm both to decide whether or not creating a trust is right for you and to go through the trust creation process. Don’t wait until it is too late for you to use a trust to protect your family and assets- reach out to our legal team even when you are young to find out what trust creation may be a good option for you.
Why You Should Create a Living Trust Even if You’re Young
Young people can benefit from creating a living trust for many of the same reasons that older people do: a living trust provides certain protection for your assets. When you create a living trust, you can ensure that your wealth in the trust is protected in case of incapacity.
If something happens to you, the trustee who you have chosen will be able to take care of the money or property in the trust. The trustee will seamlessly gain control over the assets that are held in the trust so there will not be a period of uncertainty or delay in a responsible, knowledgeable person of your choosing taking over control of the assets that the trust owns. Since you never know when something could happen to you, even if you are young, this is a major benefit.
Another big benefit is that assets held within the living trust can pass through the trust administration process. The trust administration process can make it possible for assets to transfer to new owners much more quickly than if the assets must go through the probate process. This could be especially important for young people with young families who may need access to an inheritance to continue to fulfill financial obligations after an untimely death.
A living trust is an ideal vehicle to provide these types of protection to young people, because a living trust allows a tremendous amount of flexibility. Unlike an irrevocable trust, you do not have to give up control over the assets that are held within a living trust. You have the option to serve as your primary trustee, to continue to use trust assets in a way you see fit, and to change or end the trust as you desire. This is distinct from an irrevocable trust, which can provide more protection for assets in the form of protecting the wealth in the trust in case you need Medicaid to cover nursing home care, but which can require you to give up a substantial degree of control over the wealth that you transfer into the trust.
There are some limitations and downside of creating a revocable trust that you should discuss with your attorney, and you should make certain that you understand the formal legal process involved in trust creation, but provided that you have worked with a qualified attorney when making the decision on whether to create a trust, you should be able to make the best choice for you and your loved ones.
Getting Help from A Living Trust Attorney
A living trust attorney at Mark S. Eghrari & Associates PLLC can provide personalized one-on-one help with all aspects of trust creation. We can advise you on whether creating a trust is right for you and will work closely with you to ensure that your trust accomplishes your desired aims.
To find out more about how our legal team can help you, 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 more about the ways in which our firm can assist you with creating an estate plan that is appropriate to your age and your family situation. Give us a call now to find out more.