The main benefit of creating a living trust is to avoid probate, the legal process that takes place after someone dies. During probate assets are transferred out of the deceased person’s name into the name of the living. If the deceased left behind a valid Will, all relevant people to the estate are notified, all the property in the estate identified and appraised, and creditors and taxes paid. Once all these items are completed the court then issues an Order distributing the property and the estate is then closed. While a valid Will does help move things more easily through probate, the process can in certain situations be more time-consuming and expensive. A living trust however does not require probate. The living trust allows you to put your property and assets into a trust while you are alive and then transfer them to your designated beneficiaries after you die, effectively avoiding the probate process.
Creating A Living Trust
Do-it-yourself trusts are available, but keep in mind they do not offer legal advice and often do not take into consideration changes in estate planning laws. If you are ready to create a trust, a Will, or have further questions about trusts and wills, contact us at (914) 228-7448. Our attorneys can provide you with experienced legal guidance, clarification, and ongoing support for all your estate and trust matters.