Wills & Trusts Attorney in Mt. Vernon
A Plan for Your Assets, Property & Family in Westchester County
When it comes to planning your estate, considering how you will outline your will or trust can be a difficult affair. Sometimes, however, the hardest part is just getting started. At The Browne Firm, we can assist you in establishing a will or trust. These documents can determine how your assets and belongings will be divided among your beneficiaries.
This important part of planning your estate can help you preserve your legacy. How? By keeping the wealth you generated during your life as an entrepreneur or creative professional within your family after you pass on. When you're ready to take this crucial step, The Browne Firm and our wills and trusts attorney in Mt. Vernon will be waiting to support you.
Wills or Trusts – Which Should You Go with?
While people may be more familiar with wills from their depictions in movies and television, establishing a trust is another effective way to pass down what belongs to you. Ultimately, clients choose a will or a trust based on personal preference or the size of their estate. Some may even go with both because a will can back up a trust to account for anything the trust may not cover.
Would a Trust Be Right for You?
There are many types of trusts that can be tailored to specific circumstances, but by far the most common trust people seek is a revocable living trust.
A defining feature of this kind of trust is that it helps an estate avoid probate court. Under circumstances where only a will or no such estate plan is in place, the estate would enter probate court. That can mean undergoing a lengthy process to divide the estate and racking up legal fees. Because probate is often a matter of public record, it may also expose details about your estate or family that you wish to keep private.
How does a revocable living trust avoid probate in Westchester County? It all comes down to your trustee. This is the person you assign to receive your estate upon your death and whom you trust to divide it among your other beneficiaries according to your wishes. In this manner, a trustee is like an executor during probate proceedings, As with an executor, a trustee is bound by their fiduciary duty to act in proper accordance with the law and your wishes.
Choosing a trustee who you can trust to carry out your wishes can be a huge decision. However, you can consult with a wills and trusts lawyer in Mt. Vernon for advice on the qualities that responsible and capable trustees may have.
Is a Will Your Preferred Option?
Building a trust may simply be too costly or complex to maintain. The flexibility that trusts provide sometimes means they require a lot of attention to ensure they're properly funded or that existing assets are retitled to them. Simply put, trusts can be a bit needy.
Clients can select a will when they want to focus less on revisiting their estate plan throughout life. As with a trust, you can outline your wishes to determine who of your beneficiaries will receive certain assets and pieces of property. With a will, you can rest assured that a plan is in place, even if it will require probate to be carried out.
The cost of probate can be minimized if your estate is otherwise well organized and doesn't require additional time, attorneys, or accountants to hunt down important documents. A wills and trusts attorney in Mt. Vernon can also help you arrange important documents associated with your estate to help you minimize the cost of probate after you pass on.
For more information about setting up a trust or creating your will, call The Browne Firm at (914) 530-3070.