Most individuals are aware of the benefits of preparing a legal document that contains specific instructions regarding the division of one’s assets after death. One of the most efficient ways of doing this is by preparing a living trust. Estimates show that approximately 20% of U.S. citizens have living trusts and as more individuals become aware of its benefits, this percentage is expected to increase.
Also referred to as revocable trusts, living trusts are legal documents that place an individual’s assets in a trust during the person’s lifetime. They also contain instructions on how those assets are to be shared among selected beneficiaries after one’s death. The document is executed by a chosen representative referred to as the successor trustee.
Benefits of Trust Attorneys
These representatives are usually lawyers, and they help their clients to prepare these documents. To ensure that one’s estates are distributed as per instructions, individuals should engage the services of professional trust attorneys. The following are some of the benefits of hiring Trusts Attorney Nassau County NY.
Avoid Probate Court
One of the benefits of hiring expert trust attorneys to prepare a living trust document is the avoidance of probate. If an individual decides to distribute the assets by preparing a will, the probate court becomes the will’s executor and divides the estate according to the deceased’s wishes. However, this process is slow and may take months or even years to effect. Hiring trust attorneys to prepare a living trust ensures that one’s heirs and beneficiaries receive their share a few weeks after one’s death.
When preparing a living trust, one’s assets such as bond certificates and accounts, stocks, and bank accounts must be transferred to the trust by means of separate paperwork. Individuals may also have to change the beneficiary of their life insurance policies and 401(k) plan to the living trust. In addition to these extra procedures, the cost of drafting a living trust is more expensive than the preparation of wills. However, living trusts save money that would have been used to pay for the probate court’s proceedings.
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