Living Trust Ny

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.

Living trust ny.

The court can take many months to approve the will and the process also involves some expense. Using an attorney means that the trust will be completed correctly but the associated fees can greatly increase the cost of creating a living trust. New york has a simplified probate process for small estates under 30 000. Probate is the court procedure in which a will is approved and put into force.

The average cost for an attorney to create your trust ranges from 1 000 to 1 500 for an individual and 1 200 to 1 500 for a couple. 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. New york city bar legal referral service 42 west 44th street new york ny 10036 monday friday 8 30 am to 5 30 pm closed from 1 00 pm to 2 00 pm daily. A trust is an arrangement under which one person called a trustee holds legal title to property for another person called a beneficiary.

You can be the trustee of your own living trust keeping full control over all property held in trust. A living trust new york allows you to completely bypass probate for the assets that are in the trust this is why you want to place as many assets into it as possible. When you create a living trust you must place the asset into the trust once the trust document is signed. 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.

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. The use of a revocable living trust is often touted as a way to avoid the time and expense of probate and by some as a way to lower taxes when leaving a house and other property to heirs. The new york revocable living trust form is a legal document that is used to put a person s assets and property into a trust. Under new york law and the laws of most jurisdictions the grantor can also be the trustee.