Trusts are an important tool in the estate planning process. A trust is a legal arrangement in which a person, known as the trustee, manages assets on behalf of another person, known as the beneficiary. There are different types of trusts, and they have various advantages. It is important to work with a skilled attorney when establishing a trust, to ensure you can experience the benefits it has to offer.
As a Rochester attorney with experience in establishing trusts, Aaron Gavenda can help you include one or more trusts in your estate plan. Our firm is here to help you navigate this complex process.
Types of Trusts
There are several types of trusts that can be used in the estate planning process, such as:
- Revocable Living Trusts: This is a trust that can be changed or revoked during the lifetime of the person who established the trust. Assets in a revocable living trust can be managed by the trustee, who can distribute the assets to the beneficiaries as specified in the trust.
- Irrevocable Living Trusts: This is a trust that cannot be changed or revoked once it is established. Assets in an irrevocable living trust are managed by the trustee and are typically used to provide for the beneficiaries after the person who established the trust passes away.
- Testamentary Trusts: This is a trust that is established through a will and only goes into effect after the person who established the trust passes away.
- Special Needs Trusts: This is a trust that is established to provide for the needs of a beneficiary with special needs without disqualifying them from receiving government benefits.
Advantages of Trusts
There are several advantages to using trusts in the estate planning process, including:
- Avoiding probate: Assets held in a trust are not subject to probate, which can help avoid the time, stress, and expense of the probate process.
- Maintaining privacy: Because trusts are private documents, they do not become part of the public record like wills do.
- Control over assets: You can maintain better control over your assets and ensure that they are distributed according to your wishes and preferences.
- Protecting assets: You can protect your assets from creditors, lawsuits, and other potential threats.
Working with Aaron Gavenda
When it comes to estate planning and trusts, it's important to work with a skilled and compassionate attorney like Aaron Gavenda. Aaron can help you determine which type of trust is right for your situation and help you establish and manage the trust according to your wishes and goals.
Contact Rochester trust attorney Aaron Gavenda for the level of counsel you deserve.