Plan how property will be managed
A trust creates rules for managing property for the people you choose. Whether it belongs in your estate plan depends on what you want to accomplish. Law Office of Andreina I. Rosa, Esq. in Mount Vernon helps clients consider the document, the assets involved and the responsibilities that come with it.
Mount Vernon, NY · Westchester, NYC & Nassau
Discuss your situationYou may want someone to manage assets if you become unable to do so, or want an inheritance managed over time. Explain the practical concern first. A discussion about trusts should address who benefits, who makes decisions and when property may be used or distributed.
A revocable living trust can reserve the ability to change or revoke it. An irrevocable trust has different restrictions, and changing it may require additional legal steps. The words in the document matter. Ask how a proposed trust affects your access to property and which decisions remain yours.
Signing a trust does not automatically place everything you own in it. Funding means taking the appropriate steps to transfer assets to the trust. The steps differ by asset. Any probate benefit depends on which assets are properly covered; property left outside the trust may still require a court proceeding.
Bring any existing trust and a list of the property you are considering. Law Office of Andreina I. Rosa, Esq. serves Westchester, all five New York City boroughs and Nassau County. Call 646-899-4969 to discuss your planning needs.
QUESTIONS YOU MAY HAVE
Not necessarily. A will may still address property outside the trust and other matters. The documents should be considered together.
No. Tax effects depend on the trust, the property and your circumstances. Do not assume a trust creates tax savings or protects every asset.
A home transfer raises ownership and document questions. Discuss the deed, mortgage and other relevant arrangements before making a transfer.
COMPLIMENTARY 15-MINUTE CONSULTATION
Law Office of Andreina I. Rosa, Esq. offers a complimentary 15-minute consultation to understand your needs and discuss how we can help. Whether you are planning ahead, handling an estate or buying or selling property, let’s talk about your next step.
Schedule a complimentary 15-minute consultationCall 646-899-4969 to schedule your consultation. The office will confirm availability and your appointment.