Living Trusts Attorney in Manhattan
As part of your estate plan, it is essential to know your options and what tools can work best for you and your family. Tools such as a living trust can help you maintain control over your assets during your lifetime, while reducing the burden on executors and estate administrators when you pass.
At Chaves Perlowitz Luftig LLP, we have decades of experience helping families plan for their future. From creating living trusts and wills to strategic planning for wealth preservation, our dedicated attorneys can help you preserve your assets and your legacy. Whether you need to plan for your next move, or simply need someone to answer your estate planning questions, the legal team at Chaves Perlowitz Luftig LLP is ready to help.
Contact us today for a free consultation with a Manhattan living trust lawyer.
What Is a Living Trust?
A living trust is a type of trust that you can create to help keep your assets out of probate and avoid the hassles and headaches of distributing assets under a will. Living trusts in New York can help you speed up and simplify the distribution process.
Under a will, your assets are distributed upon your passing. In contrast, a living trust allows you to set aside your assets while you are still alive. You can retain control of the trust and even revoke certain living trusts if you decide they no longer work for you.
A living trust can be a powerful part of your estate plan. If you have questions about strategic estate planning, contact an NYC living trust lawyer at Chaves Perlowitz Luftig LLP today.
Benefits of a Living Trust
A living trust in your estate plan can provide you with these benefits:
- Living trusts can keep your assets out of probate, saving time, costs, and hassles for executors and beneficiaries. A living trust can be beneficial if you hold assets or homes in multiple states.
- They can help you protect your privacy. Wills are typically made public through probate, while living trusts are kept private.
- Living trusts allow you to maintain control of your assets. Your decisions govern how the assets are handled and who receives them. During your lifetime, you may modify or even revoke your trust.
- A trust can hold assets and distribute them over a beneficiary’s lifetime. For example, a trust can distribute assets to children as they grow older.
- A living trust may offer more protection than a will if it is challenged.
These are just a few of the benefits that a living trust can offer you and your family. As part of your estate planning, a Manhattan living trust attorney from Chaves Perlowitz Luftig LLP can review your situation and explain the best options for you.
Living Trust vs. a Will
A will and a living trust are two very different documents that serve very different purposes.
- A will determines how an executor should handle your assets when you pass away. A will also covers any assets that are not handled by a trust prior to your passing.
- A living trust, on the other hand, allows you to retain control over certain assets during your lifetime and instruct trustees on how to manage those assets.
Both living trusts and wills can be essential parts of an estate plan. Without these plans in place, your assets could be held in probate for months and ultimately distributed to people according to rules set by the state.
Is a Living Trust Right for You?
Whether a living trust is right for you will depend on your needs and your circumstances. For example, if you have a small amount of assets and relatively simple plans for them, a living trust may not be necessary. However, if you have specific goals for your assets and for how they are passed on to your heirs, a living trust can help. An estate planning lawyer can help you understand the costs and benefits of each type of living trust. If you decide that a trust is the best option for you, then an NYC living trust lawyer can draft the documents you need and guide you through the process.
Living Trust as Part of an Estate Plan
A living trust can be an essential piece of an estate plan, but it is not the only one to consider. As part of your plan, you should also consider these documents:
- A pour-over will that handles any assets that are not covered by your living trust
- A healthcare proxy that allows a trusted person to make key healthcare decisions for you
- A power of attorney that allows a person you trust to make legal and financial decisions
If you have questions about what documents you should have in your estate plan, schedule a free consultation with a lawyer from Chaves Perlowitz Luftig LLP.
Talk to a Manhattan Living Trust Lawyer Now
If you are considering a living trust as part of your estate plan, schedule a free consultation with Chaves Perlowitz Luftig LLP today. Our experienced living trust lawyers can answer your questions and review all your options. With decades of experience helping people throughout New York, our attorneys understand the value of planning for your next move and beyond.
Call us today or contact us online for a free consultation.