Benefits of a Living Trust
A living trust offers protection in cases of incapacity. The grantor of a living trust places property in the trust. The grantor designates a trustee to manage the trust assets and to be responsible for trust distributions. The grantor of a living trust can also name himself as trustee. In that case, the grantor should also name a successor trustee. The trust instructions can designate that the successor trustee should take over in case the grantor/trustee becomes incapacitated. This transfer of control assures that the trust never goes without management.
Avoiding Probate
Another benefit of a living trust is the avoidance of probate. Trust assets can be held directly by the trust rather than by an individual which means property is transferred to beneficiaries without a court hearing or any kind of court intervention.
Because the trust assets are not held by the decedent, there is no lapse in ownership when the grantor dies. There is also no time delay for beneficiaries to have access to the trust assets. When an estate goes through probate, assets must be held until all creditor claims are made which can take a long time depending on the complications of the probate case. A trust can be immediately distributed or can continue to be managed according to the trust instructions.
Getting Legal Help
Experienced Estate Planning Attorney Elga Goodman can help you better understand all your options and then help you decide what is right for your individual family’s needs. Call us today at 561.935.9763 and toll free 855.873.7268 to learn more.
Posted in: Estate Planning, New York Estate Planning