Easy Questions  
Free Legal Documents

Do I Need a Living Trust in Albany, NY

Do I Need a Living Trust in Albany, NY


Never say you know a man until you have divided an inheritance with him.
 
- Johann Kaspar Lavater


What is a living trust?

Living trust refers simply to the trust you create while alive. Trust is an agreement under one person called the trustee who can hold legal title to property for another person called the beneficiary. Having your own living trust and be the trustee of the same is possible. You will be responsible of keeping control over all property held in trust.

Does a living trust go through probate?

No, a revocable living trust does not go through probate after you die. The successor trustee you have appointed will just transfer ownership to the beneficiaries you have mentioned in the trust. The whole process usually takes only a few weeks with no court fees or lawyers to pay. If the transferring of property is done to the beneficiaries, the living trust will no longer exist.


Is Living Trust expensive to make?

No, a revocable living trust is not that complicated to make and you will find that it is fast, easy and affordable at 1-2-Law.

Is it a hassle to hold property in a living trust?

No, you won't need a lot of paperwork and administrative hassle to create a living trust, unlike the experience when you transfer a property directly to a beneficiary.

Is a living trust document ever made public like that of a will?

No, the terms of living trust are not divulged to the public, which is a benefit when compared to a will.


Does living trust provide protection from creditors?

No. A creditor who wins a lawsuit against you can go after the trust property and claim it as payment for what you owe.

Does a living trust protect property from creditors after I die?

Generally, after you die, all property you owned including assets held in a living trust is subject to your lawful debts. A creditor who wins a lawsuit against you can go after all the properties under your name and claim it in behalf of what you owe. However, since the living trust is not a public document, creditors will have a difficult time identifying who has inherited your properties.


If I make a living trust, do I also need to make a will?

Yes. Your will serve as an essential back-up document for the properties you were not able to transfer to yourself as a trustee. If you have a will, it will clearly state where those properties will go. In the absence of a will, your properties will go to the closest relative in an order determined by the state law.

Can a living trust reduce estate taxes?

A simple probate-avoidance living trust has no effect on state or federal estate taxes. Deaths occurred in 2014 with estates valued at more than $5.34 million will pay federal estate tax. This amount is indexed for inflation and will go up in the future. Most estates in the US are less than the $5.34 million personal exemption.

 
Edit, Download, & Print a Free
New York Living Trust
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
 
Edit, Download, & Print a Free
New York Last Will
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Edit, Download, & Print a Free
New York Power of Attorney
Page 1
Page 2
Page 3
Page 4
Page 5
 
Edit, Download, & Print a Free
New York Living Will
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Related Legal Services near Albany, NY
Bosman and Associates Pll
1 Executive Centre Dr
Albany, NY 12203
(518) 464-9958
General Practice Attorneys, Legal Service Plans, Attorneys
Ford Jr Donald P
20 Corporate Woods Blvd # 7
Albany, NY 12211
(518) 455-9952
General Practice Attorneys, Attorneys
Monroe Kelly M
20 Corporate Woods Blvd # 7
Albany, NY 12211
(518) 455-9952
General Practice Attorneys, Attorneys
Jeffers F Patrick
435 New Karner Rd
Albany, NY 12205
(518) 464-9874
Attorneys, Legal Service Plans
Maguire Richard R
16 Sage Est # 208
Albany, NY 12204
(518) 434-9807
General Practice Attorneys, Attorneys
Ganz Wolkenbreit Friedman LLP
1 Columbia Cirste 2
Albany, NY 12203
(518) 869-9500
Legal Service Plans, Business Litigation Attorneys, Collection Law Attorneys, General Practice Attor
Carey Beth E
1 Columbia Cir
Albany, NY 12203
(518) 869-9500
Probate Law Attorneys, Attorneys
Roche Robert
36 S Pearl St
Albany, NY 12207
(518) 436-9370
General Practice Attorneys, Attorneys, Legal Service Plans
Brousseau, Shawn F - Napierski Vandenburgh & Napier
296 Washington Avenue Ext
Albany, NY 12203
(518) 862-9292
Attorneys, Legal Service Plans
Dolan Mark J
296 Washington Avenue Ext
Albany, NY 12203
(518) 862-9292
General Practice Attorneys, Attorneys
The Rose Law Firm P
501 New Karner Rd Ste 7
Albany, NY 12205
(518) 869-9200
General Practice Attorneys, Attorneys, Legal Service Plans
We the People
133 Wolf Rd Ste 1
Albany, NY 12205
(518) 435-9110
Family Law Attorneys, Divorce Assistance, Attorneys
Meyers Richard M
1734 Western AVE
Albany, NY 12203
(518) 464-9075
General Practice Attorneys, Attorneys
Donohue Sabo Varley & Huttner
24 Aviation Rd Ste 205
Albany, NY 12205
(518) 458-8922
Attorneys,  Consumer Law Attorneys,  Accident & Property Damage Attorneys,  County & Parish Governme
Cohen, Laurie T - Wilson Elser Moskowitz Edelman
677 Broadway # 901
Albany, NY 12207
(518) 449-8893
Administrative & Governmental Law Attorneys, Attorneys, Legal Service Plans
Piscitelli Anthony
677 Broadway
Albany, NY 12207
(518) 449-8893
Litigation & Tort Attorneys, Attorneys
Rosenberg Philip
677 Broadway # 901
Albany, NY 12207
(518) 449-8893
Attorneys, Business Law Attorneys, Justice Courts, Corporation & Partnership Law Attorneys, Medical
WILSON; ELSER, MOSKOWITZ,EDELMAN & DICKER LLP
677 Broadway Ste 1
Albany, NY 12207
(518) 449-8893
Corporation & Partnership Law Attorneys, Business Law Attorneys, Product Liability Law Attorneys, Ju
Thomas, Mark - Wilson Elser Moskowitz Edelman
677 Broadway
Albany, NY 12207
(518) 449-8893
Attorneys, Medical Law Attorneys, Corporation & Partnership Law Attorneys, Business Law Attorneys, P
Legal Services
173 Madison Ave
Albany, NY 12202
(518) 376-8818
Attorneys Referral & Information Service
Barone Michael S
798 Lancaster St
Albany, NY 12203
(518) 489-8596
Attorneys, Legal Service Plans
O'Connell & Aronowitz
54 State St Ste 9,Ste 9
Albany, NY 12207
(518) 290-8327
Bankruptcy Law Attorneys,  Personal Injury Law Attorneys,  Product Liability Law Attorneys,  Litigat
Frank C. Kiepura PC
116 Everett Rd Ste 3
Albany, NY 12205
(518) 459-8299
General Practice Attorneys, Attorneys, Tax Return Preparation
Kohn Richard
74 Chapel St
Albany, NY 12207
(518) 458-8080
General Practice Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US