There are many different types of Trusts that can be utilized to shelter and centralize assets as well as to avoid Probate. In its most simple terms, a Trust is a legal document that transfers your assets to a Trustee whom you appoint to manage your assets according to your specifications. A Living Trust can be created and funded during your lifetime, or a Testamentary Trust can be created by the terms of your Will and funded with your assets only when you pass on.
Depending on your overall goals, in some cases, the Trustee can be you, the person who created the Trust, while in other cases, it is necessary to appoint a third party to act in the role of Trustee. Any assets you placed into a Trust created during your lifetime will go directly to your beneficiaries as specified by the Terms of the Trust without the need to Probate the document by filing it in the Surrogate’s Court and trying to prove its Validity.
Trusts have a variety of uses and contexts. When you select N. Khasidova & Associates, you work with a team dedicated to your individual circumstances. We can guide you in determining what type of trust is best for your situation and provide an overview of what you need in order to ensure your assets are distributed and managed to benefit your beneficiaries and honor your wishes.