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A living trust is a legal document that allows individuals to place their assets into a trust during their lifetime, with clear instructions on how those assets should be managed and distributed after their passing. Unlike a will, a living trust can help avoid probate, providing a faster and more private way to transfer assets to beneficiaries. At Law Offices of Benjamin B. Neschis, P.C., we assist New York City residents in establishing living trusts tailored to their specific needs.
A living trust is created by a grantor, the person who establishes the trust and transfers their assets into it. A trustee is appointed to manage the trust, and they are responsible for carrying out the instructions outlined in the trust agreement. In many cases, the grantor serves as the trustee during their lifetime, maintaining full control over their assets. Upon the grantor’s passing, a successor trustee takes over to ensure the assets are distributed according to the trust’s terms.
A living trust offers several advantages, including:
While a living trust is beneficial for many individuals, it may not be necessary for everyone. Factors such as the complexity of assets, family dynamics, and estate planning goals should be considered. Our team at Law Offices of Benjamin B. Neschis, P.C. can help determine whether a living trust is the right choice for your situation.
Creating a living trust requires careful planning to ensure it aligns with your long-term goals. If you are in New York City and need guidance on setting up a living trust, our firm is here to help. Contact Law Offices of Benjamin B. Neschis, P.C. to discuss your estate planning options today.
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Disclaimer: The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship.
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