Many people are opting for revocable living trusts these days when they are making preparations for the future. These vehicles allow for a quick and efficient transfer of assets outside of the process of probate and this is the primary appeal. But in addition to probate avoidance, creating a trust can also help you avoid a potential guardianship proceeding in the event of your incapacitation. You could name an individual of your choosing to administer the trust should you become unable to make sound decisions on your own.
A revocable living trust may sound more complicated to the layperson than it actually is. You have a grantor or settlor who creates the trust, you have a trustee who administers the funds, and you have a beneficiary who will receive distributions from the trust in accordance with the trust terms that you set forth when you create it.
If you use a last Will to direct the transfer of your assets, your estate must go through the process of probate. When you consider the costs that are associated with probate and the time that it takes for probate to run its course choosing a revocable living trust to circumvent the probate process can be a more attractive option than a last will.
Should you be interested in creating a revocable living trust you can get the ball rolling by making an appointment to speak with a good Nassau County estate planning attorney. He or she will analyze your unique situation and make the appropriate recommendations.
Latest posts by Saul Kobrick (see all)
- How Do I Prove Lack of Testamentary Capacity in a Will Contest? - December 6, 2018
- What Will Happen to Aretha Franklin’s $80 Million Estate Since She Died without a Will? - December 4, 2018
- Probate Steps for the New Executor - November 29, 2018