Trusts in New York state

In New York, a trust may be created for any lawful purpose. A trust differs from a will in that a will sets out how a person would like her assets and property distributed after she dies, and a trust creates a fiduciary (trust) relationship where the person authorizes another party to distribute her assets after her death. New York trust laws give people the right to authorize another person to distribute her property after death. Creating a trust allows for avoidance of the complex New York probate courts, making it simpler for a person’s beneficiaries to inherit property.

Types of trusts

A revocable trust is created during the settlor’s lifetime and allows for the trust to be altered, modified, changed, or completely revoked. These types of trusts are sometimes called living trusts and allow for the avoidance of probate court. However, revocable trusts allow for the assets to be available to the settlor’s creditors. In New York, to revoke a trust, the creator must have written consent of everyone beneficially interested in the trust.

A lifetime trust is created by a person who is still living rather than a will that executes upon a person’s death. These trusts are irrevocable unless explicitly stated that it is revocable.

Charitable trusts allow for the distribution of assets or property for charitable, religious, or educational purposes.

A person can also provide for the care of an animal or pet under New York trust laws.

Talking with an attorney experienced in New York trust law will ensure that a settlor’s assets and property are distributed according to his or her wishes.

 

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