Easy Questions  
Free Legal Documents

Twelve Things to Know About Revocable Living Trusts in Alplaus, NY

Twelve Things to Know About Revocable Living Trusts in Alplaus, NY


When planning for a year, plant corn. When planning for a decade, plant trees. When planning for life, train and educate people.
 
- Chinese Proverb


Making a will is a common choice for transferring an estate or property to beneficiaries. However, this is not the only available option for estate planning. A living trust is fast gaining popularity because it offers ways to avoid probate, which can be time consuming and costly because it is a legal process to determine whether a will is valid or not.

When opting to choose a living trust as part of your estate planning, it would help to know the basic facts about a revocable living trust.

Twelve Things to Know

1. What is a revocable living trust?

Living trust is made while you are still alive. A trust involves three people: the creator, the trustee/s, and beneficiaries. You and your spouse can be the trustees in order to have full control of the property indicated in the trust. It can be revocable because as long as you are mentally competent you can change or dissolve the trust anytime. The trust will be irrevocable only after your death.

2. What is the difference between a living trust and a will?

Inheritance instructions are both contained in the living trust and a will. It will tell who will inherit your property and the provisions governing the document.

A living trust is commonly chosen by people with concerns on privacy and probate. A living trust will not be made public for as long as nobody in the trustee or beneficiary questions or seeks court approval of the accounts.

Using a will for a modest value estate is relatively easy to do for most people at 1-2-Law.com.

3. What are the consequences of not having either a will or living trust?

Having no estate plan of any kind can automatically make your spouse or closest heir the beneficiary of your properties. The state can also assign a person you might not like to be the one to distribute your property and at the same time be the legal guardian of your minor children.

4. What can and cannot be done by a living trust?

A living trust can give you peace of mind when it comes to the handling of your assets. It can also ensure the protection of your heirs when it comes to financial matters. Your estate will not undergo probate which can save time, cost and delay before the heirs can get what you have given them. If your living trust is worded properly, it can also serve as a power of attorney. Provisions indicated in your living trust can be passed on to you beneficiaries either as soon as after your death or can be portioned out in the amount you specify over time. Your lawyer can also make some saving clauses in the trust document that can help reduce state and federal estate taxes.

In case your heirs are dissatisfied, the trust can resolve conflicts in the inheritance arena. Cutting off a beneficiary out of the trust can be the start of the issue just like a will.

5. Who are the trustees?

Trustees are the people who have full control and authority over the trust. They should be mentally competent to handle the property in the trust. As the creator of the trust, you and your spouse can be named as the trustees. In the event that illness or disability hinders you from managing your property, your co-trustee or successor trustee will be the one to manage your affairs.

You can assign your children to be your successor trustees as well. But if you are not confident that they will distribute the assets according to the instructions in the trust, a professional fiduciary can be named as a successor trustee. This could be a person from a professional trust company, trust department bank or from a private fiduciary.


6. Do I need to put a large amount of money upon the creation of my living trust?

Funding is not necessary when creating a trust. A token dollar is all you need to start with your trust and you can put in as much asset as you own later. You can even choose to fund your trust after you pass away. Certain advantages can be derived on each choice depending on your needs and concerns.

7. Are additional work and cost needed if I add or delete property or investment?

Amending your living trust at 1-2-Law.com is very fast, easy and inexpensive.

8. Do I need a lawyer when preparing my living will?

Only you can decide if the added expense of hiring a lawyer is worth it to you.

9. How much does setting a living trust cost?

Setting up a revocable living trust at 1-2-Law.com is very fast, easy, and inexpensive.

10. Is a revocable trust right for me?

While many can benefit from making a living trust, some might decide they don't need it. It may depend upon the value of your estate. Simple estates with few assets and investments may find that a will is all they need. A trust can involve more expenses than a will. Studying the subject can help you decide on what estate planning fits you best.

11. Is a revocable living trust exempt from Estate Taxes?

No! For tax purposes, any property held by your Revocable Living Trust is treated as though you still owned it in your personal name. The trust's tax ID number is the settlor's social security number. Also, all of the trust's income is considered personal income to the settlor and is reported on his or her individual income tax return rather than on a separate trust income tax return.

12. Once transfer property to a Living Trust, is it mine anymore?

Yes. All trusts divide the ownership of the trust property into the legal element and the equity element. The legal ownership is generally associated with the obligations that come with holding title to property, while the equitable ownership is associated with the benefits, including the right to possession and enjoyment of the property. In a trust, the trustee owns the property in a legal sense, but he or she holds that property for the benefit of the trust beneficiaries. Since the person creating the trust is also the trustee and current beneficiary, they own both the legal interest and the equitable interest, but hold them separately - the equitable interest in the personal name as settlor and beneficiary of the trust and the legal interest in the official role as trustee of the trust. In any event, he or she retains the right to amend or revoke the trust at any time, with the ability to return all of the trust property to individual ownership.
 
Personalize & Print a Free NY Living Trust Download this Document
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
 
Personalize & Print a Free NY Last Will Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Related Legal Services near Alplaus, NY
Adler Michael
4060 Amboy Rd
Staten Island, NY 10308
(347) 382-9764
Bankruptcy Services,  Attorneys,  Bankruptcy Law Attorneys,  Real Estate Attorneys,  Legal Service P
Samantha French Noda, LLC
P.O. Box 1027
New York, NY 10008
(917) 364-9340
General Practice Attorneys, Patent, Trademark & Copyright Law Attorneys, Attorneys
Mc Kinnis Law Offices
12 Locust Ln
Bronxville, NY 10708
(914) 793-9215
Insurance Attorneys, Attorneys, Business Law Attorneys
Spiegel Brown Fichera & Cote
1203 North Ave
Beacon, NY 12508
(845) 896-8840
Criminal Law Attorneys,  Attorneys,  Legal Service Plans,  Personal Injury Law Attorneys
Palumbo Karen C
1203 North Ave
Beacon, NY 12508
(845) 831-8300
Attorneys,  Family Law Attorneys,  General Practice Attorneys,  Adoption Law Attorneys,  Legal Servi
Detommasi Anthony J MD
17 Woodlawn Ave
Albany, NY 12208
(518) 438-8030
General Practice Attorneys, Attorneys
Colin Law Office
19 Greystone Cir
Bronxville, NY 10708
(914) 771-7711
General Practice Attorneys, Attorneys, Legal Service Plans
De La Fleur Brian
1334 Union St
Schenectady, NY 12308
(518) 374-7700
Attorneys, Legal Service Plans
Brockbank Michael T
1494 Wendell Ave
Schenectady, NY 12308
(518) 374-6815
Estate Planning Attorneys, Attorneys, Elder Law Attorneys, Real Estate Attorneys, Legal Service Plan
Nobile Magarian & Di Salvo
111 Kraft Ave
Bronxville, NY 10708
(914) 337-6300
Attorneys, Legal Service Plans
Newstad William ESQ
3884 Amboy Rd
Staten Island, NY 10308
(718) 317-6207
General Practice Attorneys, Attorneys
Counsel Press
295 S Main Ave # 795
Albany, NY 12208
(518) 458-6044
Paralegals,  Publishers-Periodical,  Arbitration Services,  Financial Services,  Arbitration & Media
Johnson Timothy R
144 Main St
Morris, NY 13808
(607) 263-5741
Attorneys, Elder Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Legal Service Plans
Alishahi Amir
3925 Hylan Blvd
Staten Island, NY 10308
(718) 984-5555
General Practice Attorneys, Attorneys
Dimassimo James D
263 Plymouth Ave S
Rochester, NY 14608
(585) 546-5510
General Practice Attorneys, Attorneys
Steinbrenner Law Offices, LLC
104 Troup St
Rochester, NY 14608
(877) 350-5455
Commercial Law Attorneys, Antitrust Law Attorneys, Business Law Attorneys, Small Business Attorneys
Penzetta Dominick
33 Henry St
Beacon, NY 12508
(845) 831-5291
Attorneys, Business Law Attorneys, Real Estate Attorneys, Legal Service Plans, Estate Planning Attor
Timothy G Griffin At Law
77 Pondfield Rd
Bronxville, NY 10708
(914) 771-5252
General Practice Attorneys, Attorneys, Legal Service Plans
Morris James
70 Millard Ave
Bronxville, NY 10708
(914) 793-5060
General Practice Attorneys, Attorneys, Legal Service Plans
Bridgham Ruth
524 Madison Ave # 1
Albany, NY 12208
(518) 434-4926
Attorneys, Legal Service Plans
De Maria Joseph G
301 Exchange Blvd # 204
Rochester, NY 14608
(585) 232-4910
General Practice Attorneys, Attorneys, Legal Service Plans
Rebecca Bauscher
668 Madison Ave
Albany, NY 12208
(518) 426-4786
Attorneys,  Child Custody Attorneys,  Divorce Assistance,  Family Law Attorneys,  Divorce Attorneys
Mclaughlin Kevin
75 Pondfield Rd
Bronxville, NY 10708
(914) 779-4613
Attorneys, Legal Service Plans
Bmh Paralegal Svc Inc
438 Doane Ave
Staten Island, NY 10308
(718) 967-4592
Paralegals
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US