Post on 01-Jul-2015
description
UNDERSTANDING REVOCABLE LIVING TRUSTS IN NEW YORK
BASIC ISSUES
Privacy1
What happens to your property during probate?
Because a living trust will let you avoid probate as much as possible,
it will also allow you to keep your inheritance choices private
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
Incapacity2
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
Should you actually become incapacitated, the successor trustee
will take over managing trust property
Distribution3
What happens after you die?
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
Living Trusts and Other Devices4
Do I need more than just a living trust?
YES
A living trust is only a single tool
You need to create several estate planning tools to give
yourself a complete estate plan
LEARN MORE ABOUT REVOCABLE LIVING TRUSTS IN NEW YORK