Living Trust Ny State

The new york living trust is legal document whose primary purpose is to avoid the court appointed legal administration of a person s estate when they die or become incapacitated.

Living trust ny state.

You may include a statement in the trust that it cannot. New york has a simplified probate process for small estates under 30 000. A living trust in new york allows you to place your asset into a trust but still use them during your lifetime. The creator of a living trust decides whether it can be changed or revoked.

Under new york law and the laws of most jurisdictions the grantor can also be the trustee. If you include a paragraph in the trust that says it can be changed or revoked then it is called a revocable living trust in that case you can easily change or revoke your trust. A revocable living trust sometimes known as an inter vivos trust provides many advantages that may make it a desirable part of your estate planning process. New york does not use the uniform probate code which simplifies the probate process so it may be a good idea for you to make a living trust to avoid new york s complex probate process.

Also he said probate is governed by state law and some states like california and maryland have fairly complicated probate laws making property in such states good candidates for a living trust. The grantor the creator of the trust will continue to benefit from their assets and income until such a time that they become incapacitated or die in which case it will be divided amongst the indicated beneficiaries. The probate of an estate can be a long and costly process so it is worth investigating whether a living trust is a better option for ensuring that your estate is most effectively distributed. The living trust is revocable and amendable so if the grantor changes his or her mind about who should inherit or how much the trust can either be amended or less frequently revoked.

Your beneficiaries inherit them after your death. 7 1 17 execution amendment and revocation of lifetime trusts a every lifetime trust shall be in writing and shall be executed and acknowledged by the person establishing such trust and unless such person is the sole trustee by at least one trustee thereof in the manner required by the laws of this state for the recording of a conveyance of real property or in lieu thereof executed. In new york especially it might be a smart move to create a living trust even if you have a smaller estate.