Use of Trusts to Avoid Probate
This edition of the Koldin Law Center E-Newsletter continues a series about Trusts which builds on the “Back to the Basics” series to meet your estate planning objectives.
All prior newsletters are saved on our website. You can read them by clicking here.
The previous newsletter series reviewed important basic estate planning that everyone should do including a Last Will and Testament, Power of Attorney and Health Care Proxy.
In this newsletter we discuss using a Living Trust to avoid Probate.
Probate
Probate is a judicial proceeding to determine the validity of your Will and to carry out the terms of your Will. The need for judicial involvement can cause delay and unnecessary expense.
Common Misunderstanding About Wills
Common Question we often hear: I thought that as long as I had beneficiaries named in my Will, I would not need probate. Is this correct?
Answer: No, this is not correct. Whenever you use your Will to pass life savings to your beneficiaries, the Will must go through Probate or a small estate proceeding.
Living Trust
A Living Trust is a written agreement between you and the person or people you select to be your Trustee(s). A Living Trust is set up while you are alive.
Your Living Trust only covers those assets that you transfer or retitle into the name of your Trust.
On your death, or whenever the Trust document says that the Trust terminates, the Trustee will then distribute the Trust assets to the designated beneficiaries in the Trust document. No Court proceeding is needed to authorize the Trustee to distribute to your beneficiaries.
A Living Trust can be either Revocable or Irrevocable. The next newsletter in this series will compare the difference between a Revocable and Irrevocable Trust.
For a discussion of Living Trusts, please visit our website by clicking here.
How We Can Help
The Koldin Law Center, P.C., located in East Syracuse, New York, has over 50 years of experience helping individuals and families navigate elder law, estate planning, and Medicaid planning.
Our practice is limited exclusively to Elder Law, including:
- Medicaid planning and applications
- Asset protection strategies
- Wills, Powers of Attorney, and Health Care Proxies
- Revocable and Irrevocable Trust planning
When we handle a Medicaid case, we do more than submit the application—we review strategies to protect assets both before and after Medicaid eligibility is established.
We offer no-fee initial consultations, and we welcome the participation of adult children, attorneys, accountants, and financial advisors.
There is something you can do.
We are here to help.
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Our Attorneys are available to speak to your organization
Our Attorneys speak to groups throughout New York State as a public service. If you would like to arrange for one of our Attorneys to speak to your group, please contact our office.
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We appreciate your referrals
We have been told by many clients who are in a crisis that they wish they had known about our firm much sooner. We are proud of the many families we have helped in times of crisis.
We are also proud of the many families we helped avoid financial crisis by doing estate planning in advance.
We all share the responsibility for making our family and friends aware of the planning options available to them.
Your referral to the Koldin Law Center could make a major difference in the lives of your family and friends if they are someday faced with a long term illness.
Remember that the Koldin Law Center offers many services for clients of all ages. Our services range from basic estate planning such as a simple will to complex estate planning including asset preservation planning.
THERE IS NO FEE FOR THE INITIAL CONSULTATION
