Kenney, Mishiyeva Law, Law Office of Laura. Assets held by a trust can be used to pay for the medical or educational needs of designated trust beneficiaries. A trust attorney can convert trusts into a component of your will or into a separate legal entity. Sometimes it can be advantageous to use trusts to avoid the probate process or to minimize estate and income taxes.
A trust attorney can help you decide what is the best thing to do. It's never too early to make a will. The idea of dying is not something that most people want to insist on, but it is a reality that must be confronted and planned, especially if you have assets that are worth considerable amounts of money. You may feel that you are in good health and have nothing to fear from an illness or injury.
But any number of incidents could result in your premature death or disability. You must have a legal document from a wills and trust lawyer that states how your money, capital, and assets should be distributed. Trust lawyers can help you manage your assets by placing properties in trusts for purposes such as reducing estate taxes, avoiding probate and dictating how heirs obtain assets. Trusts are a rapidly growing area of law and a qualified trust attorney works with clients in areas related to estate planning, managing a client's estate over the lifetime, and disposition of a client's estate upon death.
However, a testamentary trust is part of the deceased's will, so the will is the instrument of the trust. It is often wise to establish a trust for your property and establish a will to manage any property not managed through the trust. However, it's important to hire an experienced New York City trust and probate lawyer to help you minimize challenges to your estate planning documents. Trust and probate law firms generally provide transactional services, such as preparing a will, creating a trust, wealth management, estate planning, and trust administration.
Attorney profiles include biography, education and training, and a lawyer's client recommendations to help you decide who to hire. By talking to a trust attorney in New York City, you will be able to establish such a trust for a loved one without affecting their eligibility for public benefits.