Understanding Revocable Living Trusts in New York: Basic Issues

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Learn more about revocable living trusts in New York in this presentation.

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UNDERSTANDING REVOCABLE LIVING TRUSTS IN NEW YORK:

UNDERSTANDING REVOCABLE LIVING TRUSTS IN NEW YORK Basic Issues

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Privacy 1 What happens to your property during probate?

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Because a living trust will let you avoid probate as much as possible, it will also allow you to keep your inheritance choices private

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If you were to pass property through a last will and testament, that document would have to be probated, and your choices would be made public

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Incapacity 2 What happens to your property if you are incapacitated?

When you serve as the trustee of your own living trust, you will have to prepare for your possible incapacitation by nominating a SUCCESSOR TRUSTEE:

When you serve as the trustee of your own living trust, you will have to prepare for your possible incapacitation by nominating a SUCCESSOR TRUSTEE

Should you actually become incapacitated, the successor trustee will take over managing trust property:

Should you actually become incapacitated, the successor trustee will take over managing trust property

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Distribution 3 What happens after you die?

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After you die, your successor trustee will be responsible for taking all the trust property and distributing it to the owners you have identified when you created, or modified, the trust instrument

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Living Trusts and Other Devices 4 Do I need more than just a living trust?

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YES

A living trust is only a single tool:

A living trust is only a single tool

You need to create several estate planning tools to give yourself a complete estate plan:

You need to create several estate planning tools to give yourself a complete estate plan

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LEARN MORE ABOUT REVOCABLE LIVING TRUSTS IN NEW YORK

Click to visit: www.MinkoLaw.com:

Click to visit: www.MinkoLaw.com

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