From New York Legacy Lawyers by Yana Feldman & Associates PLLC - In this episode, we delve into the intricacies of trusts by exploring the article "How Does a Trust Work?" Trusts are essential tools in estate planning that can help ensure your assets are managed and distributed according to your wishes. Whether you aim to provide for your children's education, support a local charity, or safeguard your assets as you age, understanding how trusts work is crucial.
We discuss the different types of trusts, including living trusts and testamentary trusts. A living trust, established during your lifetime, allows you to maintain control over your assets and make changes as needed. On the other hand, a testamentary trust is created as part of your will and comes into effect after your death, ensuring that the chosen beneficiaries receive their share of your estate in the manner specified in your will. Medicaid Asset Trusts are another valuable type of trust that helps cover nursing home or long-term care expenses while protecting your assets.
The episode also covers the steps involved in setting up a trust. This includes defining the purpose of the trust, selecting the assets to include, choosing a trustee, and clearly identifying the beneficiaries. Drafting the trust document is a critical step, and consulting a Brooklyn trust planning lawyer can ensure that it meets all legal requirements and your specific needs. Once the trust is established, the trustee manages the assets, making necessary distributions and ensuring the trust operates smoothly.
Lastly, we explore what happens when a co-trustee passes away and the role of the probate court in appointing a successor trustee if necessary. Understanding the management and transition of trust responsibilities is vital for maintaining the trust's effectiveness. Tune in to learn more about how trusts can be a valuable addition to your estate planning strategy and secure the future of your loved ones. For further guidance, contact New York Legacy Lawyers by Yana Feldman & Associates PLLC.
New York Legacy Lawyers by Yana Feldman & Associates PLLC
132 32nd St #301, Brooklyn, NY 11232, United States
(718) 713-8080
https://www.google.com/maps?cid=16408561942605909937
