Many clients opt for a Revocable Living Trust (RLT) as a substitute for a Will since the RLT offers many benefits that a Will does not.
Chief among these benefits is the ability for heirs to avoid probate.
Probate is the process that is required to have the local Surrogate’s Court “approve” the Will. It is a minimum of a 9-month process during which the Will must be presented to the Court. During this process, all legal heirs must be given notice of the Will being presented to the Court and are given a copy of the Will, and are given an opportunity to object to the Will. After the Will is admitted, the process is far from being completed. Then begins the mandatory 7-month “administration period” during which debts, claims and liabilities of the estate must be satisfied, taxes must be paid, tax returns must be filed, and sometimes an accounting must be presented to the Court. In most cases, only after this entire process is complete, will the beneficiaries received any inheritance. The RLT, on the other hand, is self-executing, and without any court involvement, the dictates of the Trust are followed by the Trustee and then trust estate can be distributed to the beneficiaries in very little time.
Due to the above, the RLT is a much quicker and more efficient means of settling the affairs of the estate.
The trust administration is also a private matter whereas the details of your finances are a public record in the probate of a Will. The privacy, importantly, also extends to the beneficiaries insofar as non-beneficiaries need not ever see a copy of the RLT. This may be important where you do not want certain beneficiaries to know what others are receiving.
Please contact the Law Offices of James Yastion, PLLC at (845) 255-4400 to schedule an initial consultation to discuss what is the best estate planning solution for you and your family.