12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Benefits of a Living Trust in Pine Plains, NY

Benefits of a Living Trust in Pine Plains, 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 Living Trust or create a living trust jointly with your spouse. There are many available types of living trust, though some are complicated and can only be used for certain circumstances.

Creating a Living Trust Online

  • Bypass Living Trust: This can be used for married couples with a combined estate that can surpass the estate tax threshold.
  • Special Need Living Trust: Leaving a property to someone with disability.
  • Spendthrift living trust: The beneficiary is someone deemed unable to control his spending and who cannot be trusted to manage money. This living 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 online living trust documents at 12Law.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 12Law.com to create your online living trust document. It shouldn't take long to think through what you want in this important legal document
    • Have your living trust document notarized. Sign your document in front of a notary public. Usually, banks offer free notary services
    • Transfer property into your living trust. Depending on the type of property you are transferring to your living trust, the transfer may take a few weeks to take effect. All property with a title or deed needs to have the title or deed documents updated. This step is absolutely essential.

    How to Change or Revoke Your Living Trust

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


    When to Use a Living Trust

    Making a revocable living 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 living 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 living 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 Living Trusts for Couples

    A Living Trust can be individual or shared. Couples can make a probate-avoiding trust together as a shared living trust. This is preferable especially if you have large, jointly held assets. Needing to divide up the jointly owned property is avoided. Shared living 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 living trust and does not need to be transferred. In the case of individual living trusts, the property left to the survivor has to be transferred from the living trust of the grantee to the survivors then to avoid probate, again placed in the survivor's living trust. Individual trusts 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 living trust. If you own separate property, then an individual living trust may be appropriate for one or both of you
  •  
    Personalize & Print a Free NY Living Trust Create 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
    Related Legal Services near Pine Plains, NY
    Mashaal David
    245 Park Ave # 39
    New York, NY 10167
    (212) 922-9600
    General Practice Attorneys, Attorneys
    Campany Law Firm P
    7571 S State St
    Lowville, NY 13367
    (315) 376-9445
    Attorneys, General Practice Attorneys
    Zollo John B
    38 Southern Blvd # 3
    Nesconset, NY 11767
    (631) 979-9022
    General Practice Attorneys, Attorneys
    Scheyer & Jellenik
    110 Lake Ave S # 46
    Nesconset, NY 11767
    (631) 265-8500
    General Practice Attorneys, Attorneys
    Peter Henner Law Offices
    60 Scutt Rd
    Feura Bush, NY 12067
    (518) 768-8232
    Discrimination & Civil Rights Law Attorneys, Attorneys, Labor & Employment Law Attorneys
    Milchman Scott J
    655 Pelham Pkwy N # 1J
    Bronx, NY 10467
    (718) 994-7363
    General Practice Attorneys, Attorneys, Legal Service Plans
    Wells IP Law NY Trademark Attorney
    245 Park Ave Fl 24th
    New York, NY 10167
    (801) 444-7143
    Patent, Trademark & Copyright Law Attorneys, Attorneys, Copyright Service
    Katsorhis Kerry
    7753 Main St # 1
    Flushing, NY 11367
    (718) 591-6900
    Accident & Property Damage Attorneys,  Attorneys,  Criminal Law Attorneys,  Personal Injury Law Atto
    Mccarter and English
    245 Park Ave
    New York, NY 10167
    (212) 609-6800
    Attorneys,  Legal Service Plans,  Labor & Employment Law Attorneys,  Tax Attorneys,  Business Law At
    O'brien & O'brien
    168 Smithtown Blvd
    Nesconset, NY 11767
    (631) 265-6660
    Criminal Law Attorneys, Family Law Attorneys, Commercial Law Attorneys, Attorneys, Personal Injury L
    Dunckel Earl B
    5423 Shady Ave
    Lowville, NY 13367
    (315) 376-6565
    General Practice Attorneys, Attorneys, Legal Service Plans
    Joshua A Rosenbaum
    2526 Boston Rd Fl 2
    Bronx, NY 10467
    (718) 547-6400
    General Practice Attorneys, Attorneys, Legal Service Plans
    Russo Martin
    234 Furnace Dock Rd
    Cortlandt Manor, NY 10567
    (914) 739-6000
    Attorneys, Legal Service Plans
    Wallen Wesley G
    2731 White Plains Rd
    Bronx, NY 10467
    (718) 654-5788
    General Practice Attorneys, Attorneys, Legal Service Plans
    Lazarus Mark D
    3699 Bainbridge Ave # 2
    Bronx, NY 10467
    (718) 881-5600
    General Practice Attorneys, Attorneys
    Lewis County Attorney
    7660 N State St
    Lowville, NY 13367
    (315) 376-5289
    General Practice Attorneys,  Attorneys,  Justice Courts,  County & Parish Government
    Acevedo Network
    342 E 204th St
    Bronx, NY 10467
    (718) 655-4622
    Immigration Law Attorneys, Attorneys, Immigration & Naturalization Consultants
    divorcecliniconline.com
    3562 Carlisle Pl
    Bronx, NY 10467
    (347) 945-4512
    Legal Forms, Immigration & Naturalization Consultants, Legal Document Assistance, Divorce Attorneys,
    Greenwald Law Offices
    245 Park Ave
    New York, NY 10167
    (212) 836-4303
    Attorneys,  Accident & Property Damage Attorneys,  Corporation & Partnership Law Attorneys,  Persona
    McClusky Law Firm
    7659 N State St
    Lowville, NY 13367
    (315) 376-4002
    Attorneys
    Levine Eliot
    439 William Floyd Pkwy
    Shirley, NY 11967
    (631) 395-3958
    Attorneys, General Practice Attorneys, Legal Service Plans
    Katz Richard
    3765 White Plains Rd
    Bronx, NY 10467
    (718) 515-3454
    General Practice Attorneys, Attorneys
    Spinney Richard B
    74 Main St
    Stamford, NY 12167
    (607) 652-3443
    Attorneys, Legal Service Plans
    Tradescope New York
    7503 Main St
    Flushing, NY 11367
    (718) 261-2300
    Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US