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To many people, a creating a living trust sounds like something only the wealthiest families would need, an extremely complex vehicle for those who might run nonprofit foundations and live in palatial family estates. In reality, a trust is a highly effective method for ensuring that your assets are distributed according to your wishes after you're gone, no matter how much you are worth. John Bach, an experienced real estate attorney in Goshen, NY, explains what they are and why creating a living trust may be a smart move for you.

create a living willA trust is an entirely separate legal entity that can take possession of any of your assets and use them for your benefit. Because you name yourself as the beneficiary as well as the trustee, you retain complete control over everything you own, even though they have been moved into the trust. And because most trusts are revocable, you can change, dissolve, or move assets in and out of it as you see fit.

So, how does creating a living trust help you? One of the biggest advantages is the ability to skip probate, potentially saving your beneficiaries significant expense, time, and major headaches after you're gone. When you create a living trust, you also name a successor trustee who will take control of the trust upon your death along with a detailed set of instructions about distributing your assets. Because a trust doesn't have to go through probate court, the details of your beneficiaries' inheritance can remain private. In some cases, they might also enjoy significant tax advantages.

If you're wondering whether you stand to benefit from creating a trust, consult with John Bach to discuss your estate planning needs today. With over 30 years of experience and a reputation for providing personal service, he'll review your situation and offer an estate plan that will ensure all of your bases are covered. Visit his website to learn more, or call (845) 294-7941 to schedule your consultation today.

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