Trust Attorneys in Tonawanda, New York
A detailed estate plan can help you protect your assets and prepare for life's uncertainties. Unfortunately, a lot of American adults delay creating their estate plans. According to a 2021 Wills and Estate Planning Study by Caring.com, two out of three adults don’t even have a will.
Don’t be among those who are not prepared for the future. Of the available estate planning options, you can avoid or reduce estate tax burdens, protect yourself in case of sudden incapacitation, and bypass the costly and time-consuming probate process by creating a trust.
If you are considering establishing a living trust or want to understand how estate planning works, you need to speak with an experienced New York State estate planning attorney for detailed guidance. At the Law Office Of Corey J. Rossi, PLLC, we are dedicated to offering knowledgeable legal guidance and reliable advocacy to clients in estate planning-related matters. We are available to discuss your unique situation, enlighten you about the benefits of creating a trust, and determine the ideal estate plan that suits your needs. Our team will help fund your trust and guide you through the entire estate planning process.
The Law Office Of Corey J. Rossi, PLLC proudly serves clients in Tonawanda, Amherst, and Wheatfield, New York, as well as the counties of Erie and Niagara.
Overview of Trusts
A trust can be described as a fiduciary relationship that is usually established to provide certain legal protections for the grantor's assets. The trust allows the grantor – the person who creates the trust – to choose another person (trustee or successor trustee) who will manage assets placed in the trust for the benefit of the beneficiaries.
Upon the grantor's death or sudden incapacitation, the trustee steps in, administers the estate, and distributes trust assets to heirs and beneficiaries according to the provisions of the trust documents.
Types of Trusts
There are two major types of trusts in New York: revocable and irrevocable.
Revocable: A revocable or living trust is a flexible trust that can be changed, dissolved, or revoked by the trustor at any time. The revocable trust is established while the trustor is alive. They retain absolute control over the assets placed in the trust while they're alive.
Irrevocable: An irrevocable trust can be described as a trust that cannot be modified, amended, or revoked by the grantor once it is executed. The grantor will not have any control over the assets placed in the irrevocable trust. Irrevocable trust assets will not be subject to estate taxes.
Others: Other types of trusts in New York include:
Special Needs Trust
Irrevocable Life Insurance Trust (ILIT)
A skilled trusts attorney can review your available options and guide you through the process of creating your trust documents.
Process of Creating a Trust
Creating a living trust in New York is quite straightforward. Here are the steps involved:
Choose whether to create an individual or shared trust.
Determine the property and assets you want to place in the trust.
Choose a successor trustee.
Decide the beneficiaries of the trust assets.
Draft the trust document with the guidance of a knowledgeable attorney.
Sign the trust document in front of a notary public.
Change the title of any trust assets with a title document to reflect that you are the owner of the property as trustee of the trust.
Creating a valid and legal trust in New York means following all procedural requirements. An experienced attorney can help you understand the importance of creating a trust and offer you the proper guidance you need to draft your trust and navigate key decisions.
Why Having a Trust Is Important
Below are some reasons why having a trust can be valuable:
It can help bypass the court-supervised probate process entirely.
It allows you to choose a successor trustee to handle and manage the trust assets.
It allows you to determine who will inherit or receive certain assets.
It helps protect your assets from creditors.
It makes it possible to responsibly manage and control investments and spending.
It helps protect beneficiaries and heirs from poor judgment and resource wastage.
It helps reduce or eliminate estate taxes and income taxes.
It allows you to keep away assets and resources for minor children until a future date or upon meeting specific conditions.
It helps protect you should you become mentally incapacitated or critically ill.
Upon your death or sudden incapacitation, having a comprehensive trust can help protect your assets and family's future. An experienced estate planning attorney can help you navigate key decisions when drafting your trust documents, including choosing a dependable trustee.
Choosing a Trustee
Choosing a successor trustee to manage your trust assets requires thoughtful consideration. The following tips can help guide you in choosing a reliable trustee:
Choose someone who is dependable and trustworthy.
Choose someone who is financially smart.
Choose someone who understands the basic concepts of investing.
Choose an accountable person who can keep detailed records.
Choose a person that can make intelligent decisions even in extremely strenuous circumstances.
A knowledgeable attorney can evaluate your unique needs and help you make intelligent and thoughtful decisions.
How Legal Counsel Can Help
It’s never too early to prepare for future uncertainties. Should you become mentally or physically incapacitated, unavailable, or otherwise unable to voice your opinion, your family members can still benefit and achieve peace of mind from knowing your true wishes. An experienced estate planning attorney can enlighten you about the various estate planning options available and help you decide on the right estate plan.
At the Law Office Of Corey J. Rossi, PLLC, our attorneys have devoted their careers to offering outstanding legal services and guiding individuals, families, and fiduciaries in the legal matters of estate planning. As your legal counsel, we can:
Evaluate your unique needs and protect your best interests.
Enlighten you about the benefits of having a trust.
Help structure your estate plan to achieve your personal goals.
Help draft your trust documents and outline a detailed plan to fund your trust.
Our team will guide you through every step involved in the estate planning process and work meticulously with you and your loved ones to address your needs and concerns. We will help you in a way that works best for you.
Serving Tonawanda, New York
If you need detailed guidance drafting your living trust and want to understand how estate planning works, contact the Law Office Of Corey J. Rossi, PLLC today to schedule a simple consultation. Our attorneys can offer you the experienced legal guidance and reliable advocacy you need to make intelligent decisions. We're proud to serve clients in Tonawanda, Amherst, and Wheatfield, New York, as well as the counties of Erie and Niagara.