The process of establishing a living trust is often simple. It can be done either through the use of a written legal document or through the use of an online digital will service. Regardless of your financial standing, it is important to have an estate plan in place.
A trust, if set up properly, can guarantee that the assets will be distributed quickly and without legal complications or additional tax obligations.
According to an estate law attorney in Queens, when establishing a trust, it is important to remember the following.
Inventory Of All Possessions—Tangible and Intangible
Take the time to list everything you own. They may be anything of value to you, from a vehicle and house to bonds and stocks and insurance policies to a collection of fine art and jewelry. You’ll have a more accurate picture of your estate and be better able to divide the assets among the heirs.
Ensure All Required Documents Are Present
Having all the required documents on hand is just as crucial as making a complete inventory of all the assets and their values. Title, stock certificates, deeds, life insurance policies, etc., should all be included in the documentation. If you have all the necessary documents prepared in advance, it will be much easier to pass them to your attorney to assist you in establishing the trust.
Choosing The Beneficiaries
Next is determining who will inherit your fortune—the beneficiaries. People you care about, groups you support, or even organizations may all be beneficiaries. You can also specify the persons you do not wish to benefit in any way from your estate.
However, remember that the beneficiaries you’ve named on other documents, such as insurance policies, savings accounts, or retirement plans, may conflict with the terms of your trust.
Choosing A Successor Trustee
You will serve as a trustee and have complete control over your assets during your lifetime. The successor trustee’s responsibility is to administer your estate after your death, including carrying out your wishes on asset distribution and debt payment. In the event of your incapacity, the successor trustee will take over all your responsibilities, so selecting someone you have complete faith in is important.
In need of a reputable Litigation lawyer Queens? If you need help with family law, you can count on our estate attorneys to get the job done right. If you have questions or need help with New York City probate law firm, our attorneys can help you through the complexity of estate administration.
Contact us if you require professional or legal guidance.
Ledwidge & Associates
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