United States citizens, Israelis and dual citizens can turn to David Page Law to create a U.S. Living Trust that will protect their assets under any circumstances. A Living Trust is a legal document that ensures that, after your death, your possessions and assets will be disbursed to the people and organizations that you wish.
A Living Trust is similar to a will but this Living Trust “owns” the property – jewelry, your home, your bank accounts — even as you maintain control. Unlike a will however the assets that are held in a living trust aren’t subject to the probate process before being distributed to your heirs which means that your beneficiaries will avoid expensive and lengthy legal procedures.
Citizens of both the United States and Israel, including American citizens living in Israel, as well as Israeli citizens living in the United States, can use the quality services of American-Israeli attorney David Page Law to craft a U.S. Living Trust that will be accepted by United States courts.
Benefits, Advantages and Disadvantages of U.S. Living Trusts
What are some benefits of U.S. Living Trusts over those of a will? Some advantages Living Trusts include are:
Living trusts have advantages:
- With a U.S. Living Trust, you protect your heirs’ privacy while allowing them to avoid lengthy probate proceedings in order to receive the assets that you’ve left to them. A U.S. Living Trust is generally created alongside a will which sets out your wishes for any property that you didn’t place in a Trust.
- Settlers can transfer valuable property such as a business into a trust. The trust assets can then be managed by trustees if the settler becomes unable for any reason to manage them himself or herself.
- In the event that the settler passes on, other trustees can take over. They can then distribute trust assets without a will. Trust assets aren’t subject to the costs and delay of probate.
- Unless the trust is questioned, data about the trust assets remains private. Wills, on the other hand, become public when they are brought up in a court setting.
It should be noted though that the main disadvantage of Living Trusts includes high costs for legal and tax advice with annual tax filings. A cost benefit analysis is also generally expected as benefits may exceed costs to prepare trust documents, as well as transfer assets into the trust.
An estate planning attorney such as David Page Law can help you decide what your best options are regarding a Living Trust, a will and/or both. The David Page law office will explain the pros and cons of creating a Living Trust. David Page Law staff will help you craft your U.S. Living Trust in a way that reduces the tax burden on your assets and ensures that the U.S. Living Trust will be acknowledged in both Israel and in the United States as well as in relevant individual states.
Online Documents to Fill Out for a U.S. Living Trust
There are online documents that you can download and fill out to craft a U.S. Living Trust, but should your Living Trust ever be challenged in the court system, the validity of these Living Trust documents is questionable. In addition, such one-size-fits-all documents file to take into account all circumstances. Mitigating circumstances might include questions about whether the Living Trust will need to be relevant to multiple states or multiple countries, whether the U.S. Living Trust is compatible with any will that has been created and how an online Living Trust form will hold up in a court of law in the event of a legal challenge.
Turn to David Page Law for all your U.S. Living Trust needs.