Transfer real estate into a trust?
Living trust is a written legal document through which your assets and properties are placed into a trust for your benefit, assets protections and also for transfer to designated beneficiaries…
Although they are different legal instruments, Wills (also referred to as “Testaments”) and Trust agreements both highlight the power of an individual or several individuals to plan and decide how their assets, money, funds and property will be distributed upon this person’s death or upon a certain event. Wills and Trusts are extremely powerful tools to enable individuals to protect their property if they become incapacitated, if they die or if they can no longer manifest the way they want to distribute their assets. Importantly, Wills and Trusts enable an individual to plan ahead and avoid later disputes regarding a deceased person’s assets.
A Last Will and Testament is a document with a legal value and authority if executed properly and under the conditions prescribed by the law. A Will sets the way the decedent’s property will be distributed and to whom it will be distributed, upon the decedent’s death. After the passing of a testator (the person who executed a Will), a Last Will and Testament must be admitted into probate where its validity will be examined. The so-called “probate proceeding” will take place at the Surrogate’s court where the decedent had his or her last permanent residence.
A Trust is a legal agreement by which a individual owning some property (a Grantor) entrusts another person (a fiduciary, a trustee) as the title owner of the property for the benefit of one beneficiary or several determined beneficiaries. There are multiple types of trust arrangements. The drafting and preparation of a trust must be tailored to the client’s needs, personal or financial objectives and intent with his or her property regarding the beneficiaries of the particular trust. A trust, regardless of the type, is a complex document requiring an experienced attorney to achieve a client’s goals and ensure its validity.
Living trust is a written legal document through which your assets and properties are placed into a trust for your benefit, assets protections and also for transfer to designated beneficiaries…
Preparation and funding of a Living Trust A living trust is an essential estate document. And preparing this document would ensure you avoid probate. Quite similar to the last Will,…
Change is constant. As with everything in the world, your living trust should be updated to accommodate any changes. Notably, you should update your estate plans just with occurrences of…
A will is a document created by a testator, which clearly states his desires concerning the distribution of his assets after his passing away. In effect, a will is dormant…
As people get old, they begin to have concerns regarding how their hard-earned assets will be taken care of when they die. As vile as the thought is, everyone must…
For a good and effective estate plan, one may need to have both a will and a trust as these two documents serve different definite purposes. Depending on the estate,…
Wills and Trusts New York are legal documents which are used in estate planning in New York. The estate planning process involves laying down instructions on what to be done…
After amassing wealth in New York during your lifetime, there are things you need to put in place to provide protection for yourself, your amassed assets, and your family. Such…
Wills and Trusts Queens are both estate planning instruments in Queens with which you address the distribution of your assets before and after death. A well designed estate plan should…
A Will, also known as a Last Will and Testament, is an estate planning document on which you express your wishes regarding how you want your property disposed at your…