Many people make the mistake of assuming that planning for the future is only for the old, the sick and the wealthy. In reality, estate planning & administration matters pertain to people of all ages and income levels. In fact, one estate planning tool that can benefit people of average income and estates of normal size are trusts.
Trusts are a specific type of estate planning tool that allows a person to set aside and protect assets for a specific use while maintaining control over them in his or her lifetime. This is not something that only benefits the extremely wealthy. This is a practical tool by which a New York reader can maintain control over the assets he or she worked hard to accumulate over a lifetime.
Trust assets do not have to go through probate, which can be a lengthy and expensive process for beneficiaries. In fact, the savings in probate often offset any expenses associated with setting up the trust in the first place. A New York reader may also find it beneficial to note that he or she will have control over the trust assets until death, meaning he or she can change it, remove or add assets or even revoke the trust entirely.
There are several different types of trusts, and it is beneficial to consider all options before making any major decisions. A person considering various options may also want to discuss his or her estate planning & administration concerns with an experienced attorney. This is an important step for individuals of all income and wealth levels.