New York City trust lawyer Christine Matus (https://matuslaw.com/estate-planning-attorney-new-york-city/trust-lawyer/) releases a new article that discusses the different types of trusts in New York City. The lawyer mentions that asset protection is not only for wealthy people and the elderly. It is also important for everyone who has acquired many assets in their life.
According to the New York City trust lawyer, “For anyone with assets, estate planning, specifically creating a trust, ensures that those assets are managed and distributed in accordance with your wishes while also saving money, time, and probate headaches. In fact, the sooner you take steps to ensure the safety of those assets with a professionally crafted trust, the more peace of mind you can have going into the future.”
The lawyer also explains that trust is a legal fiduciary relationship where there are three specific roles. The Trustor or Grantor places assets into the trust for the benefit of Beneficiaries at some point in the future. The trust is then managed and administered by a Trustee. These roles can be played by one person or multiple people, depending on the type of Trust.
Attorney Christine Matus goes on to mention in the article that there are many types of Trusts. This includes Bloodline Trusts, Revocable Living Trusts, Special Needs Trusts, Marital Trusts, Credit-Shelter Or Bypass Trusts, Asset Protection Trusts, Dynasty Trusts, Spendthrift Trusts, Standby Trusts, and Charitable Trusts.
Additionally, the New York City trust lawyer adds that many people believe that Trusts are only used by wealthy people. However, a Trust is important because it allows assets to pass to beneficiaries outside of probate, saving money and a great deal of time. Assets distributed to beneficiaries through a trust may be passed on immediately by the trustee without waiting for the courts.
Aside from the aforementioned, the lawyer also explains what a trust attorney is. Attorney Christine Matus says, “A skilled trust attorney will discuss your needs, how you want assets and the estate distributed, and help you understand the financial and tax consequences. Your lawyer can answer complicated legal questions, advise you of the various trust options available when it comes to your estate, and explain the financial ramifications of these options. This enables you to control your wealth while protecting your legacy from creditors and taxes.”
Lastly, attorney Matus emphasizes the importance of having a skilled New York City trust lawyer. An experienced trusts lawyer is well equipped to handle the details of managing a client’s trust and distributing assets after their death.
To learn more about how a New York City trust lawyer can help, visit her website.
About The Matus Law Group
The Matus Law Group's legal team is committed to helping families and individuals in special needs and estate planning matters. They offer efficient and beneficial services through a team approach. They are available to help their clients with their estate planning needs. Call them today at (732) 281-0060.
SOURCE: Press Advantage [Link]
Although many people believe a will is only necessary for high net worth individuals, this is simply not the case. If you own any assets at all, you should probably have a will drafted by an attorney. To make an appointment, call now (929) 412-1808.