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How a revocable trust can be useful as part of an estate plan

When New Yorkers are thinking about setting up their estate plan, nearly everyone understands what a will is. Creating a will is relatively easy, regardless of the person's financial and personal situation. However, not all situations are simple and more complex situations will need more thought into the kind of estate plan that is needed. This is where a trust can be useful. Understanding when and why a trust is beneficial can help the decision-making process immensely.

A revocable trust can address common worries that people might face. When the grantor of the trust dies, the trust will still be in effect to govern the wishes of the grantor. In some instances, the grantor is also the trustee. If this is the case, the trust should have successor trustees named. If a revocable trust is used, probate can be avoided, which can save time and money. Since a trust does not go through probate, the process will be completely private, and the contents of the trust will not be made public.

The trust dictates how property is to be distributed. Heirs receive protection from creditors after the grantor has died. A trust can avoid complicated problems distributing assets to different family members. With a trust, there are tactics to avoid a hefty estate tax bill for those who have substantial assets.

When taking the necessary steps to create an estate plan, there are many alternatives that a person can consider. Knowing what is preferable for an individual estate often requires legal advice. A law firm that has experience drafting trust and other estate planning devices can provide guidance in crafting these plans.

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