Brooklyn trust planning lawyer Yana Feldman (https://yanafeldmanlaw.com/heres-what-you-should-know-about-a-trust-how-to-set-one-up/), of New York Legacy Lawyers, has recently published a comprehensive guide on trusts. The article, titled “Here’s What You Should Know About A Trust & How To Set One Up,” is an in-depth exploration of the nature, benefits, and establishment of trusts.
In the opening paragraphs of the article, Feldman, a reputable Brooklyn trust planning lawyer, emphasizes the importance of proactive estate planning. Without it, she warns, individuals risk losing control over their assets’ distribution after their death or incapacitation. She identifies the establishment of a trust as a vital component of a well-rounded estate plan.
“Trusts are a tremendous estate planning tool in addition to the Last Will & Testament,” the Brooklyn trust planning lawyer explains. “Fundamentally, a trust is an estate planning instrument that assists in managing the distribution of property by transferring the estate into a separate entity and then to the beneficiaries (which may include the grantor) when certain predefined conditions have been met.”
The Brooklyn trust planning lawyer elaborates on the reasons for creating a trust, such as protecting assets from potential creditors and relationship property claims, and safeguarding family members with special needs. Feldman also breaks down the steps involved in establishing a trust, providing readers with a clear understanding of the roles of the settlor, trustee, and beneficiary.
Feldman further explains the process of trust creation by addressing the question: “Can You Set Up A Trust Without An Attorney?” While acknowledging that it is technically possible, she underscores the potential complexities and changing legal regulations that make consulting with an attorney a more practical choice.
“There are multiple situations where seeking the guidance of an attorney is highly recommended,” Feldman advises. “Even for less complicated matters, working with an estate planning attorney can provide the assurance of a professionally crafted estate plan and be a valuable resource for addressing any questions that may arise.”
In her article, Feldman also addresses how long a trust can remain open after the death of the grantor, explaining that this varies depending on the trust’s purpose, type, and the beneficiaries involved. She gives examples of different types of trusts like special needs trusts and qualified perpetual trusts, and how their durations might differ.
Feldman emphasizes the importance of seeking professional advice when setting up a trust. She encourages readers to engage with legal professionals in this process, ensuring that their estate plans are comprehensive and robust.
The article is a testament to Feldman’s commitment to providing valuable, accessible information to individuals seeking to understand the estate planning process, protecting their assets and planning for the future.
About New York Legacy Lawyers:
New York Legacy Lawyers is a leading law firm focusing on estate planning. The firm assists clients in navigating the complex areas of estate planning, including the establishment of trusts. With a team of dedicated professionals led by Yana Feldman, the firm is committed to offering comprehensive guidance and advice tailored to each client’s unique circumstances. New York Legacy Lawyers is determined in its mission to protect clients’ assets and secure their loved ones’ future.
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