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Trusts are legal arrangements where a person, known as the grantor, transfers ownership of assets to a trustee, who then manages those assets on behalf of beneficiaries. In New York, trusts can be used for a variety of purposes, such as estate planning, asset protection, charitable giving, and providing for individuals with special needs. Trusts in New York are governed primarily by the Estates, Powers and Trusts Law (EPTL). Setting up a trust can help individuals avoid probate, maintain privacy, and exercise greater control over how and when their assets are distributed.
There are many situations where legal assistance is crucial when dealing with trusts in New York. Common reasons to seek the help of a trust attorney include:
Lawyers who specialize in trusts can guide you through the process, help avoid costly mistakes, and ensure your wishes are carried out properly.
Trusts in New York are subject to specific state laws and regulations that impact how trusts are created, managed, and administered. Here are key aspects you should be aware of:
A revocable trust allows the grantor to retain control and make changes or revoke the trust during their lifetime. An irrevocable trust cannot typically be changed or revoked once it is established, offering stronger asset protection and potential tax benefits.
Yes, assets placed in a properly structured trust typically avoid the probate process, allowing for faster and more private distribution to beneficiaries.
Yes, you can act as your own trustee for a revocable trust. However, it is common to appoint someone else as a successor trustee to take over if you become incapacitated or pass away.
Trusts may be subject to New York State income tax if they are resident trusts. Estate tax may also apply depending on the value of the estate. Consulting a tax professional or attorney is recommended.
Almost any type of asset can be placed in a trust, including real estate, bank accounts, investment accounts, life insurance policies, and personal property.
Yes, trusts can be contested for reasons such as lack of capacity, undue influence, or improper execution. Disputes are typically resolved in Surrogate's Court.
The grantor typically designates a trustee in the trust document. If a trustee is unable or unwilling to serve, or if removal is necessary, the Surrogate’s Court may appoint a replacement.
Trustees in New York must act in the best interests of the beneficiaries, manage assets prudently, provide accounting, and follow the terms of the trust agreement.
Certain types of irrevocable trusts can offer asset protection from creditors, but this depends on when the trust was created and other factors. Legal advice is essential.
A supplemental needs trust is designed to provide for individuals with disabilities without jeopardizing their eligibility for government benefits like Medicaid or SSI.
Several organizations and government bodies in New York offer resources and information related to trusts:
If you need legal assistance with trusts in New York, it is important to start by consulting a qualified attorney who specializes in trusts and estate law. Begin by assessing your individual needs and gathering relevant financial and family information. Consider scheduling an initial consultation to discuss your goals and any unique circumstances. An attorney can help you understand your options, draft necessary documents, and guide you through the legal requirements specific to New York. If you are involved in a trust dispute or administration issue, seeking expert advice as soon as possible can help protect your interests and ensure proper resolution.
