Why Parents Should Consider Creating a Trust Instead of Will

Why Parents Should Consider Creating a Trust Instead of Will

GETTING A TRUST

With the trust things are less complicated because you can pull out the specifics it needs before you’re passing. A trust can also avoid the  probate process which can take at least up to a year with additional fees. A trust is also more private and no one will know who the trustee is until the descendants death while the Will is more public. Trusts are more expensive but you get your money’s worth from your assets and even schedule any money transfers to any relatives every year or every month or so depending on what it is specified in the trust. With a Trust it has the power to lower the state taxes as well.

What We Provide

We provide for you, plans to write a Will and a trust with attorneys to make this estate plan much easier for you. With these experts it’s guaranteed that all your belongings is taken care of and everyone is safe if afterwards. We also provide a free probate consultation to see any future expenses towards the plan.

FAQ

1. What is a Testamentary trust? 

A testamentary trust is a a trust that is formed after a persons passing and is instructed or assigned according to the last Will. It is also considered a third-party if it is someone assigned as a trustee rather a family member. Then that person would have the right to move the assets around.

2. Should you avoid probate?

There’s an understanding when wanting to avoid a probate and it’s due to waiting a year for courts approval or even having the courts approval rather than your own. Both these things can pile more fees on top of the file the more complicated things get through many disagreements. Though most Wills or trusts are specific which already comes with it’s complications which is why it takes a while for the probate to process. It is necessary to use the probate because if you’re looking through the file rather than an attorney, you will be prone to mistakes and more fees that the attorney could of spotted. Upcoming mistakes can also cause the filing to be longer than it should. So you shouldn’t avoid any probates.

3. What is a revocable trust?

A revocable trust is a document you can sign with an attorney involving a trust that can be modified or even canceled upon request. By filing this out you’re assets go straight to you and once you pass, the trustee you assigned will move these assets to its beneficiaries. While alive, you can change who can get ahold of your belongings and something to prepare you for the future.

4. Does New York Have an Inheritance Tax or Estate Tax?

New York doesn’t include a inheritance tax but a estate tax is included by law with federal taxes.

5. What is the benefit of hiring an attorney if free forms are available online?

Once an attorney is hired you have a professional say towards your Estate and where it’s being distributed. Free aren’t very beneficial and reliable because you’re not getting as much service as you would from an actual attorney. There may be some fallacies and interferences on these forms. This can cause difficulties at any court process difficult, longer and expensive.

6. Can I make a handwritten will?

You can make handwritten Wills but some states have different procedures when it comes to this which makes the process itself more complicated. It’s best to get an official legal document from an estate attorney because it’s more organized, effective, and official.

7. Can I disinherit my spouse?

When it comes to inheritance laws, you’re unable to disinherit your belongings from your spouse. Even if you decide to strain your assets from your wife or husband on your Will, you’re still unable to do so because of common law and being a “surviving spouse.”

8. Can an irrevocable trust be amended?

One thing you can do by is to remove assets you’ve written within the trust. You will still have the trust on file but it’ll be one that is empty. There’s also booking an appointment with the court through a trustee since he or she is responsible for making any adjustments as well in the trust even if it’s irrevocable. As long as there’s a good reason for the modification.

9. Can I collect unemployment if I go to school?

To receive unemployment you need to document that you’re looking for work and enrolled in school to receive some benefits.

10. How long do you have to work to collect unemployment in NY?

According to the official ny.gov website, you need to be working for at least a month and in file at least $2,700 in wages. Your base period also needs to be higher than your quarter wages.

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