Does A Family Trust Replace My Will?
Your Family Trust replaces your Will to the extent you transfer assets from your name to the Family Trust. In the Family Trust you name your beneficiaries in the same manner as a Will. You retain the right to change your beneficiaries. When the Family Trust terminates, the Trust assets will be distributed to the beneficiaries without probate.
A will is still an important document for assets not in the Trust where you have not designated a beneficiary.
Still Have More Questions?
Contact our experienced Upstate New York elder law attorneys to schedule a free initial consultation.
Our firm focuses our practice on estate planning and Medicaid planning. We are also very experienced in handling elder law, irrevocable trust , revocable trust, basic estate planning(Will, Power of Attorney, Health Care Proxy), Medicaid law , and children with disabilities / supplemental (special) needs trust matters.
The Koldin Law Center handles the entire Medicaid application process for the client with the goal of preserving and protecting some or all of the family life savings from the costs of Nursing Home care.