In New York, consumers review choices for securing their assets. The estate planning process offers clear options for eliminating common risks. The most common risks are seizure and collection by creditors during the probate process. The probate process requires the settlement of outstanding debts before the family acquires their inheritance. A Wills Attorney Nassau County NY shows consumers how to mitigate these risks.
Reviewing Possible Trusts
Trust funds and irrevocable trusts are tools used in estate planning. Trust funds offer a way to provide financial support for children and spouses. The funds allow the owner to deposit any value without restriction. They can set the fund up any way they choose.
Irrevocable trusts allow them to transfer money and real property out of the estate. After the transfer, the assets aren’t part of the estate. The value is decreased according to all transfers. This presents the consumer with protection. Once the assets are placed into the estate, there isn’t a paper trail showing any proof of ownership outside the estate. This prevents seizure of the property during probate.
Transferring Monetary Assets Out of the Estate
Monetary assets are transferred out of the estate through trust funds. However, they can also be provided to the beneficiary at an earlier date. They can also be transferred into an irrevocable trust or used to create a non-profit organization separate from the estate. Once they are transferred out of the estate, they are protected as well. Click here for more details.
Creating a Will
A will directs all divisions for the estate. This includes ownership assignments for all assets that remain in the estate. The owner identifies a guardian for their minor children as well. The owner may also include specific arrangements for their funeral and life insurance policies.
In New York, consumers assess all options for protecting their estate. They include creating trusts that separate key assets from the estate. Trust funds provide options for securing assets from liens and creditors. They can also provide financial assistance for family members. Consumers who need an appointment with a Wills Attorney Nassau County NY Contact The Law Offices of Peter Morra for further details.