How To Avoid Probate In New York
Simply put, probate is the process in which a court establishes whether a will is legally binding before any assets or inheritance can be dispersed to the proper beneficiaries. While probate ensures a will’s accuracy, it can also be time-consuming and potentially litigious if someone contests the contents of the document. To avoid putting your family through this stress, you can set up a living trust to bypass the probate process and make for a smoother transition of assets for your family’s future.
What is a living trust?
A living trust is a plan in which an individual, called the trustee, holds the legal title to property for a beneficiary. A living trust is created while you are still alive and gives you full control over the property until your death. While you can establish a third party as the trustee, you can be the trustee of your own living trust.
This simple transfer of ownership allows the beneficiary to inherit your property and assets immediately, without having to pay for lawyers and court fees during probate. One of the other main benefits of a living trust is that the contents are never made to the public, unlike during the probate process, where everything is on the record.
However, a living trust only works for assets you include in it. Anything you leave out can be the subject of legal disputes within your family after you die, which is exactly the problems you want to avoid in the first place. That is why it is so important to seek the help of an experienced estate planning law firm to make sure your living trust is all-encompassing.
At the firm of Sager Gellerman Eisner Attorneys at Law, we are ready to help guide families throughout Queens and Nassau counties toward the most effective plan to protect their legacies.