Life goes on, and before you know it, a lot of water has flowed under the bridge. That’s why it is never too early to begin planning for future events that may occur during the remainder of your lifetime and even after your passing. One excellent way to do so is to set up a trust so that your wishes are stipulated and carried out even after you have passed on. If you are thinking about arranging a trust, consider consulting an estate planning attorney Queens NY.
Why a Trust May Make Sense for You
Trusts are not only for the rich and famous. There are a number of good reasons why a person or family would want to set up one. These are some of the most common considerations:
- Taxes: A trust can be created to keep estate taxes and transfer taxes as low as legally possible after your passing.
- Beneficiary Concerns: Your beneficiaries may not have the same views on wealth and lifestyles as you foresee. A trust can stipulate how much money will be allocated to your beneficiaries, when payment will start, and for how many years they will receive it.
- Probate: Upon your passing, your trust can ensure continued privacy as well as prevent an extended probate period.
- Unique Assets: Should you own any unique or unusual assets, such as timber lots, vacation properties, or mineral interests to name a few, a trust can control how these assets will be preserved or disposed of.
Trusts can also be used to plan for charitable giving long after the passing of the trustee.
Why You Need To Work with an Attorney
Remember that trusts, though often highly effective tools, can be complicated to set up. Because of the intricacies of the law involved in establishing trusts, you will want to work with a lawyer knowledgeable in estate planning. In addition, make sure your attorney is well-versed in allied areas, such as wills, probate, estate administration, and healthcare proxies. By finding a competent attorney qualified in all these areas, you can save yourself major headaches down the line.