Weinstein & Randisi
Phone:585-310-1578
Toll free:800-768-1780

Resize the Content Text

Understanding living trusts and the options available

There are many estate planning devices available for New Yorkers. The individual goals and necessary strategies to achieve them dictate whether wills, trusts or other alternatives will suit the person's purposes. One option that might be useful is a living trust. Knowing when the living trust is suitable toward the individual's needs and desires and other facts about it is crucial when making the decision.

With a living trust, the person will have his or her desires as to how the assets are disbursed after death. Benefits of a living trust include avoiding probate and everything - cost, time spent waiting - along with it. The trust is not registered with the courts and this accords greater privacy. The control of the trust is the biggest benefit. An example would be a person who is leaving assets to a child, but wants a third party to oversee it until a time at which the child can take control. Most people will want to have a living trust when they are healthy and able to make determinations for the future. This can make certain the person's desires are carried out; there is a guideline as to how the assets are distributed; and it can avoid conflicts between heirs.

There are three basic types of living trusts that are commonly used. They are: a revocable trust; an irrevocable trust; and a charitable trust. The revocable trust lets the person control the assets when they are still alive. They can be shifted and there is flexibility. It can also be changed and revoked as desired. The irrevocable trust is not changeable and, as the name states, cannot be revoked. Creditors cannot access the assets in the irrevocable trust. A charitable trust will benefit a chosen charity or cause. This is useful for those who want to give back after they have gone.

For people who are considering ways to protect their assets, have control over them after death, ensure their beneficiaries have oversight, and are hoping to avoid the cost and waiting period for probate, it is wise to consider a living trust. A law firm that specializes in estate planning, drafting estate planning documents and can help with strategies should be called for assistance.

No Comments

Leave a comment
Comment Information
  • I wanted to write to say how pleased my wife and I were at your professional handling of our estate planning and preparation of new wills. We were put at ease by your visit to our home for an interview and were pleased that you listened to us and captured the things that we felt were important.

    --Robert and Christine Simonson, Fairport
  • In order to finalize the documents we came to your office and were greeted in a very professional manner and we could not have asked for finer service. We left with copies of everything we needed and feel very confident our needs have been met. Thanks again. We will surely recommend you should the opportunity arise.

    — Christine and Robert Simonson, Fairport
  • I have been working with Weinstein & Randisi for about two years now. Elizabeth Randisi, through a very thorough process, has helped my wife and me determine what is really important in our lives. Thus, we were able to draft a living will that reflected our most important values regarding our estate.

    --David and Ajia Cherry, Fairport
  • I would like to give a testimony for Elizabeth Randisi, an estate attorney with Weinstein & Randisi. Her knowledge of wills and estate planning was clearly demonstrated in her presentation to us. Realizing our need for a will, my husband and I went to see Elizabeth.

    --Kathy and Gary Gray, Webster
  • Filing for Medicaid is never an easy or fun process. However, working with the Weinstein & Randisi firm made the process simple and streamlined. We were able to obtain all files and records regarding Medicaid enrollment within a few days using specially prepared checklists and verbiage recommended by our assigned paralegal.

    --Ajia and David Cherry, Fairport
Awarded Top 50 Estate Planning Blog
Email Us For a Response

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Blog Feed

Blog

Weinstein & Randisi - estate planning

290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
Rochester Law Office Map

Map

Call us now for a free, 100% confidential consultation: