Many people read about Living Trusts and do not know what it is, how the trust will benefit them or if the trust should be a part of their estate planning. A living trust is an estate planning document that allows people plan for their wealth and property during their lifetime, during any period of disability an then distribute the trust assets and provide for their spouse, children, loved ones, and charities after they pass away. A Living Trust trust is a revocable document that allows the trust maker to make any changes to the trust during his/her lifetime and it can be revoked at any time as well. This allows the estate plan
Here’s how creating a Living Trust with an estate planning attorney can help:
Without a Living Trust in place, the average time it takes to get through the probate process is about 12 – 18 months. Having a trust-based estate plan in place, probate can be avoided altogether.
The details of every probate proceedings are public domain. Whenever a person passes away with a will based estate plan ou can easily look up the contents of anyone’s estate, anyone—zealous salespeople, scam artists, and worse with a little research can discover who your heirs are as well as the assets and their value. But if you have planned with a Living Trust-based estate plan, the general public would not have access to your inventory of assets, their value and the names of your heirs.
Lower Administration Costs
Between legal and administration fees, the cost to administrate ran estate through Probate can easily cost as much as 5% of the entire estate. While there are still costs associated with administering an estate with a Living Trust in place, the cost of administering a well planned Living Trust estate plan will save a typical Staten Island family thousands of dollars.
Effective Tax Strategy
In addition to savings over significant administration costs, planning with a Living Trust allows families to retain as much of your wealth as possible, passing your assets to your intended beneficiaries and not to the government.
If you want to keep your financial affairs private, estate taxes down, and provide protection for loved ones after death – all while avoiding probate court – a revocable living trust may be the estate planning choice for you. Contact the revocable living trust attorney Louis Lepore, Esq. at Lepore Elder Law today for a consultation. He can be reached at (718) 354-8646.