An estate plan allows you to name the people you wish to inherit your assets after you die, but it should be much more than that. You deserve an estate plan that helps you keep taxes and probate court costs from draining your assets, keeps you control over your most valuable resources during your life, and is flexible enough for you to adjust at any time.
The good parts of a living trust
In New York, one of the best ways to accomplish all of these things is to include a living trust in your estate plan. Also known as a revocable living trust, this estate planning instrument is one of the most popular types of trust because it is easy to set up and amend in the future. For example, you can change who the trust’s beneficiaries will be, and what assets the trust contains. Other benefits include:
- Assets you place in the trust avoid probate and are kept out of the public record
- As the trustee, you maintain control over the assets during your lifetime
- The trust can include property located outside of New York, without forcing your trust administrator to deal with out-of-state administrative laws
There are drawbacks to consider too, such as the cost of setting up and maintaining a living trust. Also, property in a living trust is not shielded from creditors, as it is in other types of trusts. It largely depends on the size of your estate and your goals for your estate plan.
Should I get a revocable living trust?
A living trust is a useful tool that saves a lot of people in the Syracuse area time, money, and worry. To find out if it is the best option for preserving your estate for the next generation, talk to an estate planning attorney in your area.