Westchester County Trusts Lawyer

Westchester County Trusts Attorney

When hoping to protect the future of your loved ones and wishing to secure your legacy, a will alone may not be enough. Many individuals decide that setting up a trust is the right choice for the health of their overall estate plan. Trusts can be powerful tools and can help individuals avoid certain conflicts. If you are considering the establishment of a trust, a Westchester, NY, trusts lawyer can help.

What Is a Trust and Why Might it Work for You?

At its core, a trust is a legal entity established by an individual, called the grantor, which gives another individual, the trustee, the fiduciary duty and control over the assets and property of the grantor. They use this control to hold the property and eventually administer it to the beneficiaries of the trust. Depending on the type of trust that has been set up, the beneficiaries could include the grantor themself or other parties, such as children or grandchildren.

There are many reasons for establishing a trust, each one bringing its own value to the table. Some of the benefits involved in creating a trust can include:

• Allowing families to manage their wealth in a private manner instead of having to undergo the more public probate process
• Offering control over how your wealth and legacy will pass on to others
• Helping families in difficult times avoid disputes
• Protecting you, your legacy, and your beneficiaries from creditors

Common Types of Trusts in Westchester, NY

There are many forms a trust can take, each offering its own set of benefits. However, it is important to remember that trusts are not one-size-fits-all solutions, and it is important that you sit down with a skilled White Plains trust lawyer to ensure the kind of trust you choose is the correct one to fit your needs, your wealth, and your family. The most common forms of trusts can include the following:

• Living trust. This form of a trust, usually revocable or having the ability to change while the grantor is still alive, is the most common kind of trust. It allows the trustee to manage the assets while the grantor is still alive and before the assets pass on to the beneficiaries.
• Special needs trust. This kind of trust is established for the benefit of a person living with a disability so that they may still qualify for necessary government benefits and assistance programs. These trusts are typically established by the individual with disabilities themself and are funded with their own assets. They may also be established by a parent, grandparent, legal guardian, or the courts.
• Inheritance trust. This kind of trust, also known as a family or testamentary trust, is a legal entity established to manage, control, and protect assets for the immediate benefit of beneficiaries or named heirs after the grantor has passed. Its main purpose is to make sure that the assets are efficiently controlled and distributed. Assets usually include those of a monetary nature, real estate, or personal belongings.
• Asset protection trust. This form of trust is set up to protect the assets of the grantor from certain tax liabilities and creditors.
• Other trusts. Other trusts may include a marital trust, a life insurance trust, or an IRA trust.

Speak With an Experienced Westchester County Trust Lawyer Today

If you are considering whether a trust is right for you, the team at Greco Law is here to help. Contact us today to learn more and schedule your Legacy Planning Session.