Trust Services in New York

Understanding the Benefits of Creating a Trust

Trusts are a part of estate planning that can either supplement or replace a client's last will and testament. With a trust, the creator can manage their property during their lifetime. After death, a trust is used to distribute property according to the terms of the document.

How a Trust Can Secure Your Family's Future

By establishing a trust, you are able to ensure that your assets are properly managed for the future and accurately distributed to family members. Assets held in a trust are used to pay for expenses for the designated beneficiaries.

Trusts can also be used to avoid the probate process. Probate is very complex, especially when the decedent's assets are not organized in a trust or last will and testament. When you transfer ownership of your assets to a trust, it can remove them from your taxable estate, which will decrease your federal and state estate taxes.

Explore Different Types of Trusts Available

Trusts can take several different forms that serve distinct purposes.

Some of the trusts that our New York estate planning attorneys can help you create include:

• Living trusts
• Revocable trusts
• Irrevocable trusts
• Charitable remainder trusts
• Asset protection trusts
• Supplemental needs trusts
• Animal companion trusts
• Inter vivos trusts

Trusts can help you and your loved ones accomplish the following:

• Name a successor trustee
• Distribute assets to loved ones without probate
• Protect assets from creditors
• Dictate how your assets are distributed

If you would like to learn more about trusts and the other available estate planning services that our firm offers, contact our lawyers at your earliest convenience. We provide customized wills and trusts that are unique to your needs and are also available to litigate estate disputes.

Evaluating Wills and Trusts in New York

Ideally, a will and/or trust is written in clear, unambiguous language. However, there are cases in which these issues are open to interpretation, and there are ambiguities with regard to the division and distribution of assets,the identity of the beneficiaries and tax issues related to the estate. Novick & Associates, P.C. has represented interested parties in asking the court for its interpretation of any and all ambiguous language. Every will and trust is written with specific language, some of which can be less than clear with regard to the actual inheritance due to one or more parties, how assets should be divided or other crucial issues.

Protecting Your Rights: Trust Evaluation in New York

If you believe you have a right to claim some portion of an estate and need to get the will or trust evaluated with regard to construction and language and whether a legal action could be successful, a New York estate planning attorney from Novick & Associates, P.C., can assist you. We are committed to protecting the rights of beneficiaries and are prepared to take action if there has been any miscarriage of justice, ambiguous language in a will or trust or other matter that requires a high level of skill and legal knowledge in estate matters. We believe that if you are a beneficiary or fiduciary, and you need assistance in clarifying a confusing will or trust document, you deserve the highest quality legal counsel to assist you.

Legal issues surrounding wills and trusts and the language in which they were drafted will be decided in Surrogate's Court. Our legal team has over 30 years of experience and has appeared in court on countless occasions to get these issues resolved and to seek the court's decision in matters involving wills and trusts that have ambiguous language that is open to interpretation. We have a high personal interest in protecting the rights of clients that may have rights to some portion of an estate, and can evaluate the construction of the trust with regard to the final distribution of assets when it will be beneficial to our clients.

Trusts in New York City: Your Path to Financial Security

Living in New York City comes with unique challenges and opportunities, especially regarding estate planning. A trust can be essential for residents looking to manage their assets efficiently and ensure their loved ones are cared for. Whether in Manhattan, Brooklyn, Queens, the Bronx, or Staten Island, our firm understands the intricacies of New York City's estate laws and can help you navigate them easily.

The New York City Department of Finance and the New York State Surrogate's Court are key entities involved in estate administration. While we do not partner directly with these entities, we are well-versed in their procedures and requirements, ensuring that your trust complies with all local regulations.

One of the significant pain points for New Yorkers is the high cost of living and the potential for substantial estate taxes. A trust can help mitigate these concerns by allowing you to tax-efficiently manage and distribute your assets. Additionally, the hustle and bustle of city life often leave little time for complex legal processes. By setting up a trust, you can avoid the lengthy and often stressful probate process, giving you peace of mind.

Our firm is deeply familiar with the neighborhoods and communities across New York City. We understand that each borough has its unique characteristics and needs. For instance, property values in Manhattan can significantly impact estate planning strategies, while family-owned businesses in Brooklyn may require specific considerations. We tailor our services to meet these localized needs, ensuring your trust is as effective and beneficial as possible.

If you're a New York City resident looking to secure your future and protect your assets, contact us today. Our experienced team is here to guide you through the process and provide personalized solutions that reflect your unique circumstances and goals.