New York Trusts
There are a broad range of trusts which may be established to help ensure your assets are distributed in accordance with your wishes. In addition, a trust, unlike a will, allows you to keep information private; while a will goes through the probate process, making it public knowledge, a trust is administered by a successor trustee whom you designate.
There are basic clauses that provide guidance as to whether a trust agreement may be modified after its creation; a revocable trust may be changed at any time by the maker (usually the trustee), while an irrevocable trust may not be changed by the maker after it has been created. Anyone considering a trust should discuss both types with their estate planning attorney to determine which makes most sense for your individual circumstances.
Types of New York Trusts
There is no one trust that will serve the purpose of every person. Estate planning requires personalization since no two persons have the same needs. For example, a living trust could be set up to manage your assets while you are alive with a c0-trustee or a successor trustee. These trusts provide you an opportunity to transfer title of your assets to the trust, and allow a co-trustee or successor to automatically take over the management of the trust in the event you are incapacitated.
Some people with minor children, or those who have a family member who needs their financial support may opt to set up a minor’s trust, or a special needs trusts. These trusts are specifically designed to ensure someone is looking out for the needs of your loved ones in the event they are minors, or have special needs.
Estate planning can be complicated, and you should always meet with an experienced New York estate planning attorney. Once your individual financial picture has been discussed, your attorney can work with you to draft the right estate plan to meet your needs.
Keep in mind, once you have drafted a will, or a revocable trust, there may be times when you need to make changes. Your estate planning attorney at Levoritz Law will provide you guidance on when, and how to make these changes.