Revocable Trusts

A revocable trust, also known as a living trust, is a valuable estate planning tool that allows individuals to retain control over their assets during their lifetime while also providing for the seamless transfer of assets to beneficiaries upon their passing. At The Shi Law Group, we specialize in crafting tailored revocable trusts that meet the specific needs and goals of our clients in New York and New Jersey.

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A revocable trust can provide numerous advantages, including:

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• Probate Avoidance and Ease of Administration: One of the primary benefits of a revocable trust is that it allows assets to pass to beneficiaries outside of the probate process, thereby speeding up the process by which heirs receive their inheritance, reducing legal fees, and significantly diminishing the administrative burden on the estate’s fiduciaries. If real property is held in more than one state, it can eliminate the need to appoint a fiduciary in each state and go through multiple state’s probate or administration process – which can again save both time, money, and administrative headaches.  

• Privacy Protection: Unlike wills, which become public record upon probate, revocable trusts offer enhanced privacy protection by keeping asset distribution details out of the public eye. Our firm helps clients maintain their privacy and confidentiality by utilizing revocable trusts as part of their estate planning strategy.

• Flexibility: One of the key characteristics of a revocable trust new york is its flexible nature.  You do not need the consent of the trustee or the beneficiaries to amend or revoke the trust.  This gives you the control to change the named trustee, to change the beneficiaries.

• Asset Protection for future generations: A revocable trust with continuing trusts for future generations can offer enhanced asset protection by shielding assets from potential creditors and legal challenges of your children. Our team helps clients structure their trusts to maximize asset protection under the laws of New York and New Jersey, safeguarding their hard-earned wealth for future generations.
   

Contact us TODAY to determine if a revocable trust is right for you and your family and how to effectively fund it.