Experienced and Dedicated Trusts Attorneys in New York State
One of the best instruments you have for safeguarding your assets and making plans for the future of your family is a trust. To protect your assets out of probate, trusts can be independently created. An ideal trust enables you to communicate your ultimate desires to your loved ones and prevents the kinds of family conflicts that can result in legal disputes.
The New York State trust lawyers at Tully Rinckey can help you and your family by developing an extensive estate plan. We will pay close attention to your objectives and work with you to create a plan that safeguards both your legacy and your assets. Our lawyers have many years of expertise assisting clients with the establishment of trusts as part of comprehensive estate planning.
What are Trusts?
Consider a trust as a formal method for securing and dividing your assets. Trusts may offer considerable tax and legal advantages. They can steer your assets toward a particular goal or person. The trustee is the person in charge of overseeing the trust. The entity receiving benefits from the trust is referred to as a beneficiary. You could be the trustee or the beneficiary of a trust, depending on the kind of trust you create and the objectives you have. The kind of trust you establish and your plans will determine its function.
As mentioned, there are many benefits to establishing a trust, including:
- Understanding the distribution of your assets both during your life and after your death;
- Preserving your assets' secrecy and avoiding a drawn-out probate procedure;
- Allowing you to retain ownership of your possessions while receiving essential safeguards;
- Providing significant tax advantages and assisting in the reduction of your estate for tax purposes; and
- Organizing your resources for philanthropic purposes.
Being said, there are certain times when it might not be advisable to establish a trust since trusts are more complicated that a basic will, in addition to being more expensive and taking longer to set up. However, trusts often result in long-term cost savings.
When comparing the costs of a will and a trust, consider if your estate would have to go through probate and how much that may cost. You might discover that the cost of creating a trust is well worth using one to avoid probate.
Most Commonly Asked Questions When Deciding on the Formation of a Trust
Trusts are a rapidly expanding field when it comes to New York State law, and it may seem daunting to understand it on your own. For that reason, we have compiled a list of some of the most commonly asked questions when it comes to understanding trusts in New York and if they are right for you.
- “What is the difference between revocable and irrevocable trusts?”
- A revocable trust can be changed or revoked at any moment. When the person who created the trust passes away, the trust becomes irrevocable. An irrevocable trust, on the other hand, cannot be altered after it has been created. In general, irrevocable trusts are created to avoid estate taxes. In general, irrevocable trusts are created to avoid estate taxes, shield assets from creditors, or preserve government benefits, such as Medicaid.
- “How long should a trust last?”
- Until the children are legally adults and responsible enough to handle their own finances.
- “Does a trust need to treat all of my children the same?”
- Not necessarily. For example, if your children have different needs, you may provide for those differences in the trust.
- “What if I die without a contingent trust for my young children?”
- The will may authorize the executor to handle the situation in other ways, such as by establishing a uniform transfer to the minor’s account.
- “What is a living trust?”
- A frequent kind of trust used to transfer property to beneficiaries without going through probate is a living trust. Usually, after creating a living trust, you add assets to the trust and take on the role of trustee. Because a living trust is revocable, you can modify it at any moment. Your replacement trustee distributes the trust property to the beneficiaries in accordance with the rules of the trust when you pass away, making the trust irrevocable.
- “Can I contest a trust?”
- A trust is subject to challenge, just like a will. A trust dispute might be successful if the person who created it was forced, coerced, improperly persuaded, or tricked.
- “Can a trust override a will?”
- A trust may take precedence over a will in some circumstances, however, since it can vary it is advised to consult with an attorney if you have specific questions.
Why Choose Tully Rinckey?
Our New York State trust attorneys have many years of experience helping and guiding clients in the planning and creation of trusts and estates that fulfill our client’s personal desires. We will work to make sure that your estate plan is both legally sound and according to your wishes.
Probate and judicial processes also pertain to trusts and estates. On trust and estate matters, such as probate, administration, accounting, and estate and trust settlement, we have worked with clients all across New York state, providing representation in areas including including in areas such as Albany, Binghamton, Buffalo, Manhattan, Rochester, Syracuse, and Saratoga Springs.
