Learning of the advantages that trusts have for families, business owners, and the elderly can help you determine if a trust is the right route for you, especially if you are currently living in New York. Protecting your assets at any point in life can give you the peace of mind you deserve.
Expedite the process of settling your estate
When you choose to establish a trust, it is often much easier to bypass probate, which will help to settle your case while dividing assets fairly much quicker. If you want to streamline the dividing up of your assets once you are no longer capable of doing so yourself, a trust will guarantee the process.
Privacy for loved ones
One reason to consider setting up a trust when it comes to estate planning is to preserve your loved one’s privacy, especially during their time of grieving. If you do not want your financial records disclosed to the public along with information about your assets, setting up a trust is highly advisable.
Minimize estate taxes
One of the most appealing benefits of a trust is to minimize estate taxes and burdens that will inevitably fall on your loved ones once you are no longer around. Certain types of trusts may provide more benefits than others. Speaking with a legal representative regarding ILITs, also known as Irreocable Life Insurance Trusts and QPRTs, or Qualified Personal Residence Trusts can go a long way in determining which type of trust is right for you, your loved ones, and the type of assets you’ve invested in throughout your life.
If you want to ensure your assets are divided fairly with a streamlined process once you are no longer around, now is the time to begin pondering your trust and estate plan.