Proper estate planning can help to ensure that a deceased’s loved ones go through as little heartache as possible. Proper planning can also provide one with flexibility as to how their affairs will be handled after their passing. A “living trust” is an instrument which can be used to achieve such flexibility. This type of trust will allow most, if not all, of one’s assets to be exempted from New York’s probate process. It will also allow one to create certain conditions which must be satisfied before an heir may inherit. While this type of instrument includes many benefits, it can also include many complications. It is, therefore, best to retain an experienced lawyer to help you understand your options when creating such an instrument. Holly Meyer is a Long Island attorney assisting New York residents with the creation of a living trust. She prides herself on providing the highest levels of service and our office is ready to assist you. Contact us today. We also serve those in Queens, Brooklyn, and other parts of the state.
Long Island lawyer preparing a living trust in addition to a last will and testament
It is often advisable to create a living trust in addition to a last will and testament. The trust is considered a separate legal entity. The individual transferring assets into the trust is known as a “grantor” and a “trustee” administers the trust. It is common for the grantor and the trustee to be the same individual. Once one’s assets are transferred, the trust may buy property, sell property, and participate in other financial transactions (such as the payment of bills). When the grantor passes away, any assets in the trust will not be subject to New York’s probate process. This is due to the fact that, again, the trust is a separate entity. The terms of the trust will dictate if, when, and how all assets are to be distributed to any beneficiaries.
The first step in creating a living trust is to draft the necessary documents. The grantor will generally serve as trustee throughout the remainder of their life and will use the trust to handle their affairs. The terms of the trust can allow for multiple possibilities as to how matters should be handled upon the trustee’s passing. First, the document can simply dictate how all assets are to be distributed upon the trustee’s death. Second, the document can name a successor to serve as trustee at that time. This successor will continue to oversee the trust and will only distribute its assets when conditions, required under the terms of the trust, have been met. An example of such a condition can include a beneficiary being required to graduate from college before they may receive their inheritance. Property not included in the trust will generally be distributed in accordance with the grantor’s last will and testament. Several complicated issues can arise in the creation of a trust and it is suggested that you consult with an attorney.
Holly Meyer is a Long Island lawyer assisting with the preparation of a living trust. She will use your initial consultation to gain an understanding of your assets and goals. She will then help you to understand the extent to which your estate may be subject to the probate process and whether it is in your best interests to create a trust. If it is in your interests to create a trust, then she will work to identify any foreseeable issues which may arise and will ensure that the trust deals with them appropriately. Our goal is to create a structure that ensures for your future while giving you as much flexibility as possible when it comes to handling your affairs. Contact us today to schedule an initial consultation.
Long Island attorney assisting New York residents with keeping their living trust up to date
It is vital that a living trust be updated as necessary. Reasons for updating a trust can include the addition or deletion of beneficiaries, changes to conditions which must be met before property can be distributed, or a change that will serve as a subsequent trustee. Our Long Island attorney stays in regular contact with her clients in order to ensure that their overall estate plan remains up to date. In addition to periodically following up with her clients, Holly makes herself available to address any concerns which a client may have. We are honored to serve those in our community and we take this obligation seriously.
We also serve Kings County residents in Brooklyn, residents of Queens, those in Nassau and Suffolk Counties, as well as people in other New York areas.