Putnam County Revocable Living Trust Attorney

Protect Your Future By Consulting With a Living Trust Attorney

Although many residents of Putnam County, NY, are familiar with the advantages of having a will, some are still unaware of the benefits of a living trust. Although a will alone does offer some legal protections, it may fall short of protecting your family members after you pass away.

The Feller Group, P.C. is a law firm committed to helping clients with their estate planning needs through the creation of revocable living trusts and other essential legal documents. If you have questions about the benefits of a living trust or are ready to get started creating one, contact our law firm today to schedule a free, 30-minute case evaluation.

What are the Benefits of Creating a Revocable Living Trust?

A revocable living trust can offer numerous benefits to the person who creates the trust, the trustor, and their heirs and beneficiaries. One of the primary benefits is that it helps families avoid probate, which can be costly and time-consuming. Once your assets are retitled in the name of the trust, they are no longer considered your property and are excluded from the probate process.

Another significant advantage is that the terms of a trust remain private, unlike a will, which becomes a matter of public record once it is probated. That being the case, heirs and beneficiaries are offered an additional level of privacy not available with wills. In most instances, heirs and beneficiaries can receive their assets more quickly than if you had just left a will. A living trust can also be set up to prevent recipients from spending their assets too quickly and protect them from creditors.

A revocable living trust also allows the creator to appoint a successor trustee who can manage their financial affairs in the event they become incapacitated.

Unlike an irrevocable trust, a living trust can be modified, amended, or revoked at any time, offering a greater degree of control and flexibility.

Does a Revocable Trust Protect Me if I Become Incapacitated?

As individuals age, they often become concerned about what will happen to them should they become incapacitated. A revocable living trust offers several protections that can give you and your family a sense of security, knowing your affairs are in order.

If you should become incapacitated, your successor trustee will manage your financial matters and help avoid guardianship proceedings. Even so, your trust document must provide clear guidelines as to what qualifies as incapacity and the successor trustee’s duties.

A living trust is also beneficial to that of a power of attorney in terms of dealing with financial institutions, as opposed to having a power of attorney try to manage your affairs.

To take advantage of the incapacity protection offered by a trust, you should always hire a revocable living trust lawyer in Putnam County to assist you. New York State has strict laws that govern the establishment of trusts, and failure to meet these guidelines could result in a costly legal battle for you or your family members.

Will I Lose Control Over My Assets if I Put Them In a Revocable Trust?

Unlike an irrevocable trust, when you place your property in a revocable trust, you can maintain control of your assets. There are, however, specific legal requirements that must be met to comply with state regulations for asset protection. For example, you must be the trustor, the person who created the trust, and the trustee, the person who manages the trust.

Under the terms of a revocable trust, you have the legal authority to buy, sell, or spend trust assets. You can also add or remove property from the trust per your discretion at any time. Depending on your circumstances, you may also terminate the trust at any time. Once a revocable trust is terminated, you can have all assets retitled back into your name.

Another appealing advantage of a living trust is that you can make changes to the terms of the trust, including those related to who should be a successor trustee or trust beneficiaries.

Do I Still Need to Have a Will if I Have a Revocable Living Trust?

A common question that many clients ask is whether they still need to have a will if they also have a revocable living trust. Although a living trust offers greater benefits than a will, having a pour-over in addition to your other estate planning documents offers greater protection.

A pour-over will help to transfer any assets that are not trust property into the trust after your death. A pour-over will is also a practical and streamlined solution that helps heirs dealing with the costly probate process for those assets that may not have been contained in the trust.

If you have minor children, a pour-over will is essential. You can designate a guardian for them and name an executor who will manage other aspects of estate administration, such as paying estate taxes. A will is also the most practical solution for putting your final wishes in writing and providing instructions regarding funeral arrangements or other matters that a living trust cannot handle.

Why Do I Need to Hire an Estate Planning Attorney to Help Me Create a Revocable Living Trust?

If you are considering creating a revocable living trust, hiring an attorney is the most effective way to proceed. An estate planning attorney is familiar with the legal nuances involved with creating a living trust and ensuring that it is legally sound.

When you seek help from a legal professional, they will professionally evaluate your financial objectives, family dynamics, and other related concerns to determine what legal strategies will best serve your needs.

Your attorney will then draft a trust document that offers maximum protection for your key priorities. One of the most critical legal services that an estate planning attorney provides when creating a trust is ensuring that the language in the trust document is unambiguous, leaving no room for interpretation and avoiding potential legal debate. The last thing you want is for your family and other beneficiaries to have to wait for trust litigation to be concluded before they can receive their rightful assets.

Your attorney will also help you navigate the complex process of transferring your assets into the trust so that it is adequately funded, helps your family avoid probate after your death, and ensures that the trust is executed correctly after your death.

Contact Our Estate Planning Law Firm Today to Learn More About the Benefits of Living Trusts

The Feller Group, P.C., is passionately committed to helping Putnam County residents with their estate planning needs. Creating a living trust offers numerous advantages that can not only help you but also protect your family when they need it most.

If you have questions about the benefits of a living trust or are ready to begin the legal process of creating one, contact our Putnam County, NY law firm today at 845-682-5572 to schedule a free, 30-minute case evaluation.