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If you’re considering estate planning, you may be wondering what documents to include. When it comes to distributing assets, few options compare to the benefits of trusts. Placed in effect immediately, these appoint people or groups that ensure your final wishes are carried out. To help you understand how this service can benefit you and your family, here’s more information about it. 

What Is a Trust?

A trust is a legal document designed to preserve, control, and distribute assets. Its most common form is a revocable living trust that allows you to dictate how your monies and assets get distributed to family, friends, and organizations after your passing. Unlike wills, these take effect as soon as they are created.

estate planningWhen setting up the trust, your trustee will be either an individual or entity such as a law firm or bank that manages your assets. For example, if you wish to transfer some belongings to your family now and others after you pass, the trustee will hold all legal titles until the time comes.

What’s the Difference Between Trusts and Wills?

While a will requires court administration to ensure all final requests are carried out correctly, a trust does not need to go through probate. This can save your loved ones time and costs in legal fees. While many wills are made public, trusts also keep your wishes private.

Another advantage of this estate planning service is that it can help you avoid or reduce gift taxes. If you create a joint living trust with your spouse, for example, your estate is exempt from federal taxation if the property gets passed directly to the partner.

How Can an Attorney Help?

Working with an estate planning attorney makes setting up a trust significantly easier, especially if you have many assets to distribute. It ensures that your final wishes get carried out according to plan and minimizes the potential of legal disputes concerning the wording of your will. 

 

If setting up a trust is right for your estate planning needs, contact Louis C. Noto to streamline the process. This attorney has practiced in Rochester, NY, and the surrounding counties for over 48 years. He provides highly-personalized legal counsel to meet all your needs. Learn more about their practice areas online, or call (585) 232-1815 to schedule a consultation.

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