Do you know that drafting a will isn’t the only form of estate planning? In fact, you can choose many will alternatives, such as a living trust. A living trust is a document appointing a responsible person as a trustee. A trustee manages the assets of a person (the grantor) and transfers the assets to their inheritors at the right time.
Many people believe that only rich people should have living trusts, but that’s not the case. Here are some reasons why you should consider getting a living trust.
A Living Trust Reduces Estate Tax
While transferring properties and other assets in a will, you or your inheritors would have to pay a vast amount of estate taxes. However, appointing a person as a trustee will allow you to save thousands of dollars in estate taxes.
It Protects the Money That Belongs to Minor Children
If you have minor children, we recommend getting a living trust immediately. A living trust protects the money that belongs to minor children until they’re old and responsible enough to manage the estate themselves. In these cases, a trustee also uses the estate to fulfill the financial needs of these children.
It Provides Finances to Disabled Children
If a grantor’s children have a certain disability or addiction, this might prevent them from managing their inherited estate. In such a case, a trustee manages the estate, even after the children are old enough, while providing them just enough money to fulfill their basic needs.
It Protects Your Assets From Exes
The best way to ensure that your assets don’t end up in the hands of a toxic ex-spouse is to get a living trust. If any of your inheritors are getting married, you can get a living trust to protect your assets in case of a divorce.
It Helps Your Inheritors Avoid Lengthy Probate Processes
It’s no secret that the probate process is unnecessarily lengthy. Even with a will, it takes months to execute the distribution of the estate. However, if you hand over your assets to a trustee, your family can avoid probate after you’re no longer with them.
Hire Services For Estate Planning in Brooklyn
Hiring an Estate lawyer Queens to draft the required document is the best way to get your living trust sorted out. At Ledwidge and Associates, our estate law attorney Queens guides you in deciding who you should appoint as your trustee while helping you draft the living trust document.
Reach out to us and book a consultation session with our estate lawyer in Queens.
Ledwidge & Associates
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