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Benefits of a Living Trust in Albany, NY

Benefits of a Living Trust in Albany, NY


If you want to really know what your friends and family think of you die broke, and then see who shows up for the funeral.
 
- Gregory Nunn


You can make your own basic trust or jointly with your spouse. There are many available types of trust, some are complicated that can be use for certain circumstances like:

  • Bypass trust: This can be used for married couples with a combined estate that can surpass the estate tax threshold.
  • Special Need Trust: Leaving a property to someone with disability.
  • Spendthrift trust: The beneficiary is someone deemed unable to control his spending and who cannot be trusted to manage money. This trust will control the beneficiary's ability to spend money.

The Essentials in Creating a Living Trust

You need to decide the following before you begin building your trust documents at 1-2-Law.com:

  • List of your beneficiaries
  • List of back up beneficiaries
  • List of young beneficiaries that require guardianship and property management until they reach adulthood
  • First and second choice of successor trustee


  • How to Create a Living Trust

    • Use 1-2-Law.com to create your trust document. It shouldn't take long to think through what you want in this important document
    • Have your document notarized. Sign your document in front of a notary public. Usually, banks offer free notary services
    • Transfer property into your trust. Depending on the type of property you are transferring to your trust, the transfer may take a few weeks to take effect. All property with a title or deed need to have the title or deed documents updated. This step is absolutely essential.

    How to Change or Revoke Your Trust

    Restating or revoking your trust by adding or removing property is done by transferring your property ownership back to yourself, updating the list of trust property attached to the trust document and also by revising the property titles.


    When to Use a Trust

    Making a revocable trust can fulfill your wish of giving your property to the beneficiaries of your choice. A living trust avoids any possibility of having the estate tied up in probate (a big advantage over a last will and testament).

    A living trust can spare your family from the expense and delay of a probate that is common when using a will. It can prevent probate from tying up your real estate and other miscellaneous assets. If you have money in a bank, brokerage, and other retirement accounts it would be effective to name "payable-on-death" beneficiaries for each account.

    A living trust can ensure that what you bequeath remains confidential, except when it comes to real estate transfers that can be made public. Making a trust is not much more complicated than making a will. The important thing to note, however, is to make sure that ownership of all the property you have indicated in the trust document is legally transferred to the trust, with you as the trustee.

    It may be a good idea to appoint another trustee for the living trust., in case you become incapacitated. He or she will take care of your financial affairs when you are incapable of doing it and will take over the management of the trust assets after you die. The absence of a living trust will make the court arrange someone to take over the affairs you left behind.


    Individual or Shared Trusts for Couples

    A Trust can be individual or shared. Couples can make a probate-avoiding trust together as a shared trust. This is preferable especially if you have large, jointly held assets. Needing to divide up the jointly owned property is avoided. Shared trusts can also be useful to bequeath property to a surviving spouse.

    When one grantor dies, the property left to the surviving spouse stays in the trust and does not need to be transferred. In the case of individual trusts, the property left to the survivor has to be transferred from the trust of the grantee to the survivors then to avoid probate, again placed in the survivor's trust. Individual trust may make sense in certain circumstances:

  • Both of you have signed an agreement that each spouse's earning and other income are separate and each of you wants to keep your property separately
  • You are newly married with little or no property together
  • You owned property before marriage and don't want it comingled with assets you will acquire together during the marriage. You will be in sole control of your own trust property.
  • Community Property States. Decisions you make may be affected by the community property laws of your state. This law states that, as a general rule, spouses should share income acquired during marriage 50-50. Properties earned during the marriage are a community property regardless of the name in the title.
  • Non- Community Property States. The name stated in the title document is considered the owner of that property. If you acquire property together, consider a shared trust. If you own separate property, then an individual trust may be appropriate for one or both of you
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