A trust is a legal property interest held by one person (trustee) for the benefit of another (beneficiary).

There are several different types of trusts one can create:

Living trust — A trust that is created while you are alive. A living trust allows the trustee and beneficiary to avoid the probate process.

Testamentary trust — A trust established through a will. A testamentary trust generally must go through probate.

Revocable trust — A trust that can be terminated at any time by the grantor for any reason.

Irrevocable trust — A trust that cannot be changed or terminated for any reason.

If you choose to create a will or trust, consulting with an attorney experienced in estate planning is always a wise thing to do. The potential tax implications and legal formalities of will and trust drafting make a lawyer's counsel indispensable. A lawyer can explain all your options and help you understand what types of wills or trusts are right for you and your family.

Call us today at 718.261.8803 or contact us online to discuss how we can help you.