What is a Trust versus a Will?
Wills are typically the legal tool of choice regarding end-of-life planning. They serve a purpose, though it’s essential to highlight the many capabilities of a trust in death.
A trust is a private fiduciary agreement that affords you greater flexibility over when and how your assets are distributed. When you move property or assets into a trust, it goes into effect immediately. Wills, however, only go into effect after you die.
When protecting your estate, a trust is a valuable legal tool in minimizing estate taxes, avoiding probate court, and ensuring your final wishes are executed. They also offer added protection for health events.
How Long Does a Trust Last?
A trust continues until the successor or trustee distributes all of the assets.
Depending on how you set up a trust, a trust can last through the time of your death, or it can extend beyond that. Your trustee can continue to hold your assets and use the trust for your children or grandchildren until they reach a certain age. This is common with minor children.
For example, a trust might include college tuition for the deceased’s child. The trust will end when the tuition is paid, and it was used for the intent. An attorney can help you plan your faith based on your long-term goals for your family, including education and other funds for your loved ones.
There’s a lot to consider when building trust, and we will ensure you don’t miss a beat. Consult our legal team to discuss setting up a trust and building out your estate plan to protect you and your family. Contact our team today: (516) 203-1700.
What are Common Estate Planning Mistakes?
One of the most common mistakes of estate planning is failing to plan. More than half of Americans don’t have a will, let alone an estate plan. Imagine your hard-earned assets being distributed after your death by the court, which may or may not include your closest family members and loved ones.
It’s important to discuss these decisions with family and friends, consider final arrangements and special circumstances, digital assets, and important charities, and find a beneficiary you can trust to make the right decisions on your behalf.
Another way to avoid joint estate planning mistakes is to contact an experienced attorney to walk you through the process step-by-step. Contact our legal team to discuss your estate plan for estate planning support: (516) 203-1700.
How Can an Attorney Help with a Trust?
Setting up a trust can be slightly more complex than a will. A trust includes an important collection of legal documents that make up an estate plan. This includes guardianship agreements, healthcare directives, power of attorneys, designating a trustee, and more.
Our estate planning attorneys will walk you through every step of the estate planning process to help you achieve your end-of-life goals. This includes considering factors such as probate court, estate taxes, wills and trusts, guardianship agreements, health care directives, and life insurance.
A plan for end-of-life and peace of mind is just a call away. Our attorneys will help you with your estate planning needs, from wills to trusts, and cover all essential bases to ensure your assets, legacy, and family are protected for years to come. Contact our legal team to get started: (516) 203-1700.
