Revocable Living Trusts
An Alternative to Wills for Estate Planning
Trusts are an important estate planning tool that can be used in place of a will. A trust is an arrangement in which a trustee holds property for the benefit of another person, known as a beneficiary. Trusts are often used in estate planning because they allow property to be distributed in a more flexible manner than a will. In some cases, a trust can even be used to avoid estate taxes.
Revocable trusts are trusts that can be changed or revoked by the person who created the trust. Revocable trusts are the most common type of trust used in estate planning because they allow the trustmaker to make changes to their trust as their needs change. Revocable living trusts are particularly useful in situations where there are minor children involved, since the trustmaker can change the terms of their trust to provide for their children's inheritance needs as they grow older.
Contact our firm today at (914) 228-7448 to speak with a member of our team about creating a revocable living trust.
How Does a Living Trust Work?
A living trust works very similarly to a will. When a person dies, the executor of their will distributes their assets according to the instructions in their will. However, a living trust is designed to avoid this process. The assets in a living trust are held by the trustee for the benefit of the trust's beneficiaries. When the trustmaker dies, the trustee distributes the assets in the trust according to the terms of the trust agreement.
Trusts are particularly useful in situations where a person has minor children or other dependents who need financial support after they die. A trust can be designed to provide for the beneficiaries' needs over time, without requiring an executor to distribute large sums of money at once. A trust can also be designed to avoid estate taxes, since the assets in a trust are not counted as part of the trustmaker's taxable estate.
What Are the Benefits of a Revocable Living Trust?
There are several benefits to using a revocable living trust in place of a will. One of the most important benefits of a revocable living trust is that it allows the trustmaker to make changes to their trust as their needs change. If a trustmaker becomes disabled or if their beneficiary's needs change, they can change the terms of their trust without involving an attorney.
The benefits of a revocable living trust include:
- Flexibility to change the terms of the trust
- Ability to designate different trustees for different parts of the trust
- Ability to designate successor trustees
- Ability to add or remove beneficiaries
- Ability to revoke the trust
- Ability to change the location of the trust
- Ability to change the trustee
- Ability to change the assets that are included in the trust
- Ability to change the terms of the trust
- Ability to change the way the trust distributes assets
Why Should I Consider Creating a Living Trust?
There are many benefits to creating a living trust in place of a will. A living trust can be changed as the trustmaker's needs change, and it can be revoked at any time. A trust can be designed to provide for the beneficiaries' needs over time, without requiring an executor to distribute large sums of money at once. A trust can also be designed to avoid estate taxes, since the assets in a trust are not counted as part of the trustmaker's taxable estate.
The benefits of a living trust include:
- Ability to change the terms of the trust
- Ability to revoke the trust
- Ability to change the location of the trust
- Ability to change the trustee
- Ability to change the assets that are included in the trust
- Ability to change the terms of the trust
- Ability to change the way the trust distributes assets
Call us today at (914) 228-7448 or contact us online to learn more about how a revocable living trust can help you plan for your future.
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Client Won CustodyAs many of you may know legendary singer/songwriter Aretha Franklin died in 2018 without leaving a will. Other wealthy celebrities such as Prince have done the same. This can lead to many types of unwanted consequences. As an example, the T&E department at PCS is currently ...
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Brothers Inheritance RestoredAfter much litigation including more than a dozen depositions, obtaining numerous medical records and various other relevant documents, expert medical testimony, and the beginnings of trial preparation, an estate dispute was settled on behalf of our client for $700,000. Our ...
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Porch Will Matter ResolvedIn another important, yet smaller financial matter, we recently settled a will contest where the decedent's will was signed and witnessed …. on his front doorstep. It was argued that the proper legal formalities were not followed in the execution of the will in this case and ...
Estate Planning
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Attorneys and Certified Public Accountants
Unique knowledge for accountings, tax laws, asset valuations and complex estates.
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Exceptional Estate and Trust Law Experience
Over 65-years collective experience in estate and trust planning, administration, litigation, and guardianship.
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Client Won CustodyDying Without A WillAs many of you may know legendary singer/songwriter Aretha Franklin died in 2018 without leaving a will. Other wealthy celebrities such as Prince have done the same. This can lead to many types of unwanted consequences. As an example, the T&E department at PCS is currently ...
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Son Must Repay Mother’s EstateEstate CaseA local man and his then-wife used undue influence on his elderly mother to clean out the woman’s bank accounts before she passed away, a Schenectady County Surrogate’s Court ruled this week. The verdict, in a case brought by the woman’s two other sons, means the man and his ...
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Brothers Inheritance RestoredEstate DisputeAfter much litigation including more than a dozen depositions, obtaining numerous medical records and various other relevant documents, expert medical testimony, and the beginnings of trial preparation, an estate dispute was settled on behalf of our client for $700,000. Our ...
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