A living trust is an excellent way to ensure your assets are managed and distributed as you want them to be after you pass. Unlike a will, a living trust is a legal entity that takes effect while you’re still alive to hold the money, property and other assets you’ve chosen to put into the trust until your death.
If you are considering this legal arrangement, the team at Ettinger Law Firm will help you understand the types of living trusts available to you. Let’s discuss the most common and flexible of the two — revocable living trusts.
A living trust enables you to designate a trusted person, called a trustee, usually the same person or persons who created the trust, to manage your assets while you are still alive. When you establish this arrangement, the trustee holds the assets for you and then for your beneficiaries after your death.
Revocable living trusts let you maintain a considerable level of control over your assets. Unlike an irrevocable trust, the one or, if you’re married, the couple, who creates the trust — the grantor — can modify the terms and conditions of their trust before they die as long as they are mentally competent. This flexibility allows you to:
Once the grantor, or the surviving grantor if a couple, passes away, the trust becomes irrevocable and can no longer be modified.
At Ettinger Law Firm, our primary focus is to do what’s best for our clients. If you’re considering creating a revocable living trust, let’s review some of this arrangement’s unique benefits.
With a revocable living trust, you can manage your assets however you want. You can add, remove or change assets within the trust as needed and provide a plan for their distribution after your death. This type of trust also lets you act as your own trustee, allowing you to spend, save or invest the assets at your discretion.
A will must be registered in a court of law and go through a process to prove its validity before assets can be distributed to loved ones. This sometimes lengthy and expensive legal proceeding is called probate. When you put your assets in a trust, they avoid the probate process and can pass directly to your beneficiaries without frustrating delays and legal expenses and court costs.
Revocable living trusts are private entities. Unlike a will, which becomes public once it is in probate, trusts maintain privacy for your beneficiaries during an emotional time when they may appreciate this discretion most.
A revocable living trust is an excellent way to ensure your property remains available for you and your beneficiaries should you become physically or mentally disabled. Without a living trust, the court may appoint a guardian to supervise you and your assets, which can include legal and accounting fees. Trusts allow you to name a family member or another person as your trustee who can manage your assets in the event of disability and act in the best interest of you and your beneficiaries.
Ettinger Law Firm has worked with tens of thousands of clients to prepare comprehensive revocable living trusts that focus on their needs and goals. Our team takes a client-centered approach, seeking to understand you and your family and how you want your assets to be distributed upon your death. Our goal is to make estate planning as transparent and stress-free as possible.
Ready to make preparations that will benefit you and your family? Reach out to Ettinger Law Firm for a free revocable living trust consultation with one of our experienced New York attorneys. Contact us online or call 1-800-500-2525 to get started.
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At Ettinger Law Firm, our elder law lawyers focus on the needs of older adults in New York when protecting their families, assets and future. We recognize that many of our clients have minimal or no experience working with attorneys — our low-pressure approach enables you to make these crucial life decisions at your own pace. Trust our team to educate you and make the information you need accessible throughout the process.
Contact us today to learn more or schedule a No-Cost Consultation for elder law estate planning.
