Living Trust Attorney in New York

Avoiding Probate with a Living Trust

If you have assets that would normally go through probate, such as a bank account and a home, a living trust can eliminate the need for validating a will in New York Surrogate’s Court. Especially in New York City, Surrogate’s Court proceedings face long delays during which your family would not have access to your assets. There can also be significant court fees.

If there is conflict in the family, a Surrogate’s Court proceeding also provides an unwelcome opportunity for public litigation over the will. Many clients choose a living trust because it preserves privacy and reduces conflict down the road. By creating a living trust, the settlor has already made decisions about the distribution of their assets, and no public proceeding is required to administer the trust.

Protection From Future Incapacity

Additionally, creating a living trust protects you in the event of future incapacity. If the living trust is already in place before you experience an unexpected impairment that leaves you unable to make decisions, the pre-planning and direction you have given to the trustee can make it unnecessary for your loved ones to go to court and appoint a guardian.

If your current or future assets are sufficient to be subject to estate taxes, living trusts are essential tools for tax planning purposes.

Furthermore, if you or a loved one who receive or may one day need to receive government benefits, an irrevocable living trust can help protect assets while maintaining the beneficiary’s eligibility for benefits.