Estate planning is essential for long-term financial security. A well drafted estate plan defines the dissemination of your assets in the event of your death. Depending upon your circumstances, a revocable living trust may be an integral tool to meet your needs.
Understand how a revocable living trust can make a difference for your estate plan.
Keeps your estate out of probate
After your death, New York Surrogate’s (Probate) Courts determine the validity of your will and ensure its proper administration. However, the probate process can delay the dissemination of your assets. In some cases, it can delay things for years. A revocable living trust eliminates probate because any assets held by the trust are disseminated under the terms of the trust and do not require court oversight.
Prevents public disclosure of your assets
The probate process is publicly accessible. As a matter of public record, anyone can see the terms of your will, the designated beneficiaries and the value of your estate. When your privacy, and the privacy of your beneficiaries, is a priority, a revocable living trust is a better alternative. These trusts are not public records, which keeps your estate and beneficiary information private and protected.
A revocable living trust protects your assets while your beneficiaries take the time they need to distribute them. It also allows the flexibility to leave your assets within the trust if necessary. Consider using a revocable living trust to give your beneficiaries control of your estate instead of leaving it in the hands of probate.