Brooklyn trust lawyer Yana Feldman (https://yanafeldmanlaw.com/how-does-a-trust-work/) of New York Legacy Lawyers has released a new article that explains in detail how a trust works. The article is a comprehensive guide to trusts, detailing what they are, how they work, and the different types of trusts available.
According to the Brooklyn trust lawyer, the purpose of the article is to provide readers with a clear understanding of trusts and their benefits. “Many people are intimidated by the idea of trusts and assume they are only for the wealthy,” she said. “But trusts are useful tools for a wide range of people, regardless of their income or assets.”
The article from the Brooklyn trust lawyer explains that a trust is a legal arrangement where one person (the trustee) holds and manages property for the benefit of another person (the beneficiary). It goes on to detail the different types of trusts, including revocable trusts, irrevocable trusts, and special needs trusts.
One of the key benefits of a trust, according to the article, is that it can help to avoid probate. “Probate can be a lengthy and expensive process,” said Feldman. “By placing assets in a trust, they can be distributed to beneficiaries more quickly and with fewer complications.”
The article also discusses the role of the trustee and the importance of choosing the right person for the job. “The trustee is responsible for managing the assets in the trust and ensuring they are distributed according to the wishes of the trust creator,” said Feldman. “It’s important to choose someone who is trustworthy and has the necessary financial knowledge to manage the assets effectively.”
Furthermore, the lawyer says that living trusts provide individuals with the ability to retain control over their assets. By establishing this type of trust during their lifetime, they have the option of continuing to use the assets or setting them aside to accumulate interest.
While the individual is still alive, they maintain access to the assets held within the trust, with the flexibility to add or remove items as necessary. Additionally, they may choose to close the trust if they decide to change how their funds are distributed or require the funds for personal use.
Attorney Feldman encourages readers to consider creating trust as part of their estate planning strategy. “A trust can provide peace of mind and help ensure that your assets are distributed according to your wishes,” she said.
The article is now available on the New York Legacy Lawyers website, and Yana Feldman encourages anyone with questions about trusts or estate planning to reach out to her or a member of her team.
About New York Legacy Lawyers:
New York Legacy Lawyers is a law firm based in Brooklyn, New York, that provides legal services in estate planning, probate, and elder law. Led by Yana Feldman, the firm is dedicated to providing personalized and comprehensive legal services to clients throughout the New York City area.
New York Legacy Lawyers by Yana Feldman & Associates PLLC
132 32nd St
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Ahmedabad Local journalist was involved in the writing and production of this article.