Smithtown trust attorneys at Mark S. Eghrari & Associates, PLLC can help you to decide what estate planning tools are the right ones for your particular situation. There are many different tools that you can consider using to determine what your legacy will be and how assets will transfer to loved ones after you have passed on. You want to make sure that you have the right estate planning documents and take the right approach to passing on assets to your heirs or beneficiaries in order to ensure that you leave the legacy that you desire.
Mark S. Eghrari & Associates, PLLC can work with you to discuss your goals for your estate plan so you can make the best choices regarding how to protect your assets and to provide for your family. One of the tools that you may decide you should incorporate into your estate planning is a trust. Trusts can be powerful and versatile tools that help you to accomplish many goals. In many cases, transferring assets through a trust can be preferable to transferring wealth through a will. You should give us a call to talk with Smithtown trust attorneys to find out if a trust could be beneficial in your particular situation. You can also read on to find some of the key reasons why a trust may be a better solution for you than a last will and testament.
A Trust Can Allow You More Control Over the Transfer of Assets
When you make a last will and testament, you are limited in the amount of control you have over assets. Once the assets have passed on to your loved ones, they can use them for any purpose they see fit. If you make a trust, however, you can have much more control over the inheritance you provide to heirs or beneficiaries. For example, you could create a spendthrift trust if you want to leave money to someone in your family who you don’t think is responsible enough to manage the funds. A trustee you can count on to be responsible can manage the trust assets while the beneficiary who isn’t responsible with money can benefit from receiving regular income from the trust.
A Trust Can Allow You to Protect Assets
Trusts can be used to protect assets in many ways during your life and after your death. You could create a trust to protect your wealth in case you have to go into a nursing home and need to get qualified for means-tested benefits to pay for care. You could also create a trust that allows you to pass assets onto heirs or beneficiaries who need to keep access to means-tested benefits and who need help managing money because they are disabled, or could create a trust that allows you to pass wealth onto a spouse who is not a U.S. citizen without estate tax being assessed on the transferred assets. There are different kinds of trusts that accomplish different asset protection purposes, so you need to make sure to work with an experienced attorney to select the right kind of trust for you.
Trusts Can Allow Wealth to Transfer More Quickly After Your Death
When assets transfer through the trust administration process, the process can go very quickly and heirs or beneficiaries can inherit in a timely manner. The probate process, on the other hand, could take around a year to complete and your loved ones would have to wait during this entire duration for wealth to transfer.
Getting Help from Smithtown Trust Attorneys
Smithtown trust attorneys at Mark S. Eghrari & Associates, PLLC will provide the personalized help and support that you need in order to decide if creating a trust is the right course of action for your particular situation. If you have decided that creating a trust is the best choice to transfer at least some of your assets, we’ll help you to chose the right kind of trust and to create a legally valid trust document. We can also help you with the process of transferring assets into the trust so the trust is funded properly.
To find out more about all of the different ways that our legal team can help you with all aspects of the trust creation process, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online at any time.