Revocable Trusts - Video

Transcript: Revocable Trusts - Video

Everyone knows that if you want to plan your estate and arrange for the inheritance of your assets, you write a will. Right? Well, that's a good place to start. But there's something better, which is a revocable trust.

Wills can be problematic because they're only implemented after they've been approved by a probate court. That means that you have to conduct a judicial proceeding, hiring lawyers, and going through a lot of expense, and it can take months or even years to get done. A revocable trust is an entirely private arrangement, which means that your estate can be settled much faster without any delay.

However, the revocable trust only works for assets that are owned by the trust. That means that after you sign the trust, you have a second job ahead of you, which is to transfer your assets into it. A lot of attorneys actually leave their clients to their own devices to get that done, but it can be quite difficult. Financial accounts sometimes can be transferred just with the filling out of a few forms, but when it comes to real property, a house or a condominium or especially a co-op apartment, there is a lot of work to be done and it requires legal expertise.

The good news is that our firm has been operating for 16 years with an active estate planning practice and also an active real estate practice. So, anything that needs to happen between the two is directly within our wheelhouse. Not only that, we have a dedicated staff and a focused practice to help clients transfer their assets into revocable trusts after we've created them.

So, we are here not only to create your estate plan but also to implement it and ensure that it works as intended.