After your demise, you would want those things you worked so hard for to be transferred to your family and loves ones. For instance, if you own a plane, you might want it to be given to your spouse. If you owned a yacht, you could transfer its ownership to your first son or anyone you wish. These are all possible with the help of a will which is a significant component of an estate plan.
So, what happens without an estate plan? Well, without an estate plan, your estate will be shared and managed based on the intestate laws of Buffalo, NY. This means that anyone could get your plane, yacht, etc.
To create an estate plan, you’ll need the help of an estate planning attorney Buffalo, NY. In addition, you’ll also need the help of a trusts and estate attorney Buffalo, NY to set up a trust.
What is an Estate Plan?
An estate plan is basically a plan in advance. This plan which is designed to ensure that your estate is well managed and distributed after your death, is one of the best and important plans you can make while alive. In fact, it is safe to say that a good estate plan is one of the best gifts you can offer to those you care about.
It is very crucial that you reach out to an estate planning attorney Long Island and plan your estate as failure to do so may not necessarily affect you, but your family and those you care about. And this is because when you kick the bucket and you do so without a will, your assets will be shared based on the intestate laws of Long Island.
Who is an estate Planning Attorney?
An estate planning lawyer is a state licensed professional whose job is to help and guide you in selecting the best options for maintaining your estate after death or in the case of incapacitation. A competent estate planning lawyer will want to fully understand your estate planning goals and suggest ways to achieve them. . It is also the job of this professional to provide you with valuable advice regarding your estate plan. If your choices aren’t right an estate planning attorney will make you understand the consequences attached to the choices.
What is a trust?
A trust is almost similar to a will. In fact, in some cases, a trust can take the place of a will. A trust is simply a fiduciary relationship in which one party, regarded as a trustor, gives another party, known as the trustee, the right to retain assets on behalf of the beneficiary. Unlike a will, a trust is completely free from probate. A trust can be created with the help of an experienced estate planning lawyer in Long Island.
Having known what a trust is, let us consider the types of trust that exists.
Types of Trust
There are two major types of trust, the irrevocable trust and revocable trust.
Revocable trust:
This type of trust are established while the estate owner is alive and can be modified, altered, or canceled completely. A revocable trust is often regarded as a living trust, and it is one in which the trustor:
- Transfer the title of an asset to a trust
- Serves as the initial trustee
- Has the power to withdraw the property from the trust while still alive.
The next type of trust is the irrevocable trust.
Irrevocable trust:
An irrevocable trust is a different type of trust. Unlike a revocable trust, an irrevocable trust cannot be changed, modified, or cancelled after its creation. As soon as the trustor transfers ownership of an assets or property to the beneficiary, no one, including the trustor, can remove the property from the trust. Whatever is done in an irrevocable trust is permanent.
There are several types of irrevocable and revocable trust. However, in this article, we will be taking about the Medicaid trust which is a common type of irrevocable trust.
Who is a Trust Attorney?
A trust attorney is a sate licensed professional whose job is to help you set up a trust for your estate. This professional is well versed in the issue of trust and can provide you with advice or recommendations if needed.
