New York Living Trusts Attorneys
Our attorneys here at Ettinger Law Firm specialize in all areas of estate planning, including living trusts to help you plan for your future. Our team can work with you to create a comprehensive estate plan and living trust that meets the needs and goals of you and your family.
We have decades of experience helping clients create living trusts throughout New York and will help you build a plan to protect your assets and legacy.
What Is a Living Trust?
A living trust is a legal entity created to protect an individual's assets, such as money or property, and determine who or where these assets will be allocated after their death. Living trusts were designed to allow for easy distribution and transfer of these assets to the chosen beneficiaries. When an individual dies and has created a living will, the distribution process is simplified, bypassing the often complex legal process known as probate.
Benefits of Creating a Living Trust as Part of a Well-Thought Out Estate Plan in New York
There are various benefits to having a living trust created for you, including:
- Maintaining control over all the important decisions surrounding your assets.
- Knowing how your assets will be distributed after your death.
- Keeping information about your assets private and avoiding a lengthy and expensive legal probate process.
- Structuring your assets to be distributed to the charities of your choosing.
- Getting key tax benefits that help reduce your estate taxes.
How Does a Living Trust Work in New York?
A living trust is created by an individual, called the grantor, who then names a trusted person that will serve as the person in charge of carrying out the trust's terms after the grantor's death, called the trustee. Once the trust has been created, the grantor transfers ownership of their assets to the trustee so the trust can be funded.
While alive, the grantor may name themselves as the initial trustee to maintain control and use of the property despite it being part of the trust. Once the grantor has died, the selected successor trustee will take control of the trust and handle the distribution of assets to the decided beneficiaries.
Most Common Types of Living Trusts at Ettinger Law Firm
There are two main types of living trusts that your trusts lawyer will recommend for you:
- Revocable Living Trust - This type of living trust is the most common and flexible of the two. The grantor of a revocable trust has the ability to cancel (revoke) or change the trust at any time before they die. This means the grantor can revoke the trust entirely, put more of their assets into the trust, alter the beneficiaries, sell off the trust property, and make any other changes that they desire. Once the grantor has died, the trust becomes irrevocable.
- Irrevocable Living Trust - Once an irrevocable trust is created, it can not be revoked or changed. Just like with a revocable trust, the ownership of the property is transferred to the trust, but once completed, the grantor's ability to make changes becomes more difficult; typically, changes will only be able to be made with an agreement signed by the trustee and beneficiaries or by a judge's order. Irrevocable trusts may also avoid some taxes since they are removed from the taxable estate.
What Is The Difference Between a Living Will and a Living Trust?
A living trust is similar to a living will, but they are not the same. A living will is a legal document that grants someone Power of Attorney and rights to make decisions on their behalf, should they become incapacitated or lose the ability to express informed consent. On the other hand, a living trust is a legal entity created to hold the grantor's assets and details how they are to be distributed after their death.
How Our New York Trust Attorneys Will Help You
Whether you need a simple trust made to protect a few key assets or a more specialized one for your estate plan, our New York trust attorneys can help you. The team of New York estate planning attorneys at Ettinger Law Firm has more than 30 years of experience creating and handling living trusts for their clients. We will work with you to determine the best living trust for your needs and wishes and guide you and your loved ones through every step of the process.
If you're ready to learn more, schedule a free consultation with our team by calling us at 1-877-263-4134 EXT. 117 or contact us here.
New York Living Trust FAQs
How Long Does it Take to Set Up a Trust?
On average, it will take about two to four weeks for your trust to be set up and in place and then another few weeks to six months to fully fund the trust. In the case of a terminally ill client, the process can be expedited. When you work with a trusted living trusts lawyer, they will ensure no detail is overlooked and that the process is kept on schedule.
What do I Need to Know About Setting Up a Trust?
Anyone who owns property and has assets can benefit from creating a living trust. Living trusts help ensure that your property stays protected and will be passed on to the loved ones of your choosing after your death. To ensure the process runs smoothly and your assets are protected, find an expert New York living trust attorney to guide you through the process.
How Do I Choose a Trustee?
When choosing a trustee, you want to select someone you trust and feel is reliable. Your trustee will have significant power over the decisions and distribution of your assets. Speak with your loved ones about the choice before making it official.
If I Create a Trust, Do I Still Need a Will?
If you have created a living trust, it's important to also have a will made to ensure all your assets are properly protected and distributed as you wish. A living trust will secure only the property you put into it. All the other assets you wish to be distributed to certain beneficiaries after your death can be protected with a will.