Trust lawyers should be consulted as you are creating an estate plan. Creating a simple will is often not enough to take care of your loved ones and to ensure you have left behind a strong legacy. Trusts can allow you to shield your assets while you are alive and to ensure you don’t lose assets to creditors or have to spend down your money if you need nursing home care. Trusts can also give you the ability to control how your money is managed, to protect your heirs from losses due to divorce or bankruptcy, and to take care of loved ones with special needs.
There are many different kinds of trusts for different purposes and choosing the right one which accomplishes your goals is essential. Smithtown, NY trust lawyers at Mark S. Eghrari & Associates PLLC have invaluable experience with New York trust laws. We can advise you on what type of trust is right for you, and can offer you comprehensive advice as you create trusts that will ensure your assets are safe now and in an uncertain future.
The Importance of Representation by Trust Lawyers
New York has many laws related to the creation of a trust and related to the protections that a trust can provide. Many people creating a trust do not understand all of the rules found in the Estates, Powers & Trusts section of the New York Code. You cannot afford to make mistakes when it comes to the creation of a trust and you need to know all of the rules and regulations related to trusts so you select the right ones.
There are many decisions which you’ll need to make, including:
- What type of trust to create. Should your trust be revocable or irrevocable? If you don’t select the right type of trust, the assets in the trust could end up not being protected from creditors and you could end up still having to spend them down before qualifying for Medicaid payments for nursing home care. An attorney can advise you on which types of trusts actually provide you with the protections you need.
- Who should be named as the trustee. The trustee has a fiduciary responsibility to manage the assets within the trust. You need to make an informed choice on who you can trust to serve as the beneficiary.
- What assets should be transferred to the trust. The trust will own assets that you transfer to it, although you or your beneficiaries can maintain possession depending upon how the trust is set up. You’ll need to decide which assets it makes sense to formally transfer to the ownership of the trust.
- What conditions you should place on the trust. One of the most important reasons people create trusts is to maintain control over the money and property within the trust. You’ll want to ensure you understand what conditions you are allowed to create and make sure you have clearly stated your specific requirements.
Every person’s situation is different and your reasons for creating a trust are your own. When you work with trust lawyers, the attorneys who help you can listen to your goals, advise you on whether a trust is the right option, and can assist you with all of the technical steps involved in trust creation.
How Trust Lawyers Can Help Guide the Process
Trust lawyers guide the process in many important ways when you have decided to create a trust. When you first meet with your attorney, you’ll need to provide information on your assets, on your beneficiaries, and on the legal protections and benefits you are looking for. Your attorney can help you to decide if a trust is the right choice and what type(s) of trusts should be created.
Your attorney will then go through all of the formal steps of trust creation, and will take care of all of the paperwork necessary to create a legally valid trust. Once your trust has been created, your attorney will guide you through the process of actually transferring the assets. Many people neglect to do this last step, but it is an essential step because your trust provides no protection until it becomes the owner of the assets you are trying to keep secure.
Getting Help from Smithtown, NY Trust Lawyers
When you need help from experienced Smithtown trust lawyers, Mark S. Eghrari and Associates PLLC can provide the legal advice you need. Give us a call at (631) 265-0599 or contact us online to learn more about how an estate planning and trusts lawyer can help you. You can also find out some essential information on trusts by joining us for a free seminar.