Experienced Trusts Attorney in Coventry, RI
Guidance from lawyer for trusts in Cranston, Warwick, Coventry, East Greenwich and North Kingstown
A trust is a tool used to transfer legal ownership of property from the owner to a person or institution -- the trustee -- so that it may be managed for the benefit of the third party beneficiary. The trustee is legally obligated to act in the best interest of the beneficiary when dealing with trust property.
Kerry I. Rafanelli, Attorney at Law has 30 years of estate planning experience. We advise you whether to create a trust as a replacement for or to supplement a last will and testament and we formulate a valid legal document tailored to your objectives.
Choosing the right trusts
Many types of trusts exist that serve a variety of purposes. The legal instrument you choose depends on your goals for setting up the trust and your short-term and long-term intentions regarding property distribution. Testamentary trusts are created through your last will and testament, whereas living trusts are formed during your life. A living trust can be revocable or irrevocable. You can amend or revoke a revocable trust, but cannot alter an irrevocable trust.
Our estate planning attorney thoroughly reviews your financial situation and your objectives to decide which trusts are right for you and your estate, including:
Advantages to establishing a trust
Trusts can confer several advantages on the principal and beneficiaries. Depending on its purpose and type, a trust may:
In cases in which your heirs cannot make decisions for themselves, a trust offers an alternative to leaving money to the beneficiaries or their caretakers outright. Although a durable power of attorney, guardian or conservator is obligated to make decisions that are consistent with the principal's best interest, a trust may offer stronger protection to your dependent.
Learn more from an experienced trusts lawyer helping clients in Warwick, North Kingstown and East Greenwich
Consult an experienced East Greenwich attorney to set up and administer a trust. Call Kerry I. Rafanelli, Attorney at Law or contact us online to schedule your free consultation.