Revocable Trust New York

Revocable Trust New York Services: Dedicated. Dynamic. Proactive

Fact: Transferring assets into a trust can save months in time and thousands in legal fees.

As a firm, we are committed to promoting diversity within the firm and the legal profession. We strive to hire and work with a workforce that supports the interests of diverse families from different backgrounds, as well as people from different sexual orientations. We believe that to grow; we need to diversify. Additionally, a number of the team is fluent in foreign languages.

The Rise of the Revocable Living Trust (RLT)

For centuries, wills have been used to distribute the testator’s property to named beneficiaries at the death of the testator. However, in recent decades, revocable living trusts have become the most common trust in New York. To avoid probate, especially in states where the administration of these trusts has become long and cumbersome, a settlor can transfer the assets to a trust to bypass the process.

Typically, this tool provides that the grantor can revoke the contents of the trust at any time, and the assets can be returned to him, or the beneficiaries changed depending on the need.

They have become the best substitute for wills because they help avoid probate, and they are flexible in their operation.

As a revocable trust New York lawyer, the RLT is one of the tools we use to implement the client’s estate plan. Before we decide on what to use, the intention of the client is what determines everything. If the client wishes to transfer property during his lifetime or death, we help him make this decision.

Creating a RLT can provide the grantor a store that can hold his assets when he becomes incapacitated and unable to manage his property. Additionally, the trust will help dispose of the assets when the settler dies by means of trust rather than the will of the settler.

When designing the RLT, you must ensure the trust contains all the necessary elements of the trust, and it complies with all formalities required by the law.

Let us look at the uses of the RLT in estate planning.

Managing the Estate

You can decide to have your assets managed by another person due to age, travel, politics, and inexperience. This can be for a limited time or even after you are long gone. The best tool to use in such a situation is a RLT.

While retaining the control of the estate is a good thing, you might want to have only a few assets under the trustee’s control. For instance, you can choose to place the separate assets that you own in a trust so that you maintain them separate from the ones that you own jointly with your spouse.

If you have a business interest in a company, the RLT can serve as a container to manage the property for short, long term, and transitional basis. The RLT can be an approach for testing the managerial ability of a younger generation before finally turning over the assets to them.

Avoiding Will Contests

As New York revocable trust lawyers, we understand what it takes to avoid probate. A RLT is less susceptible to will contests by disappointed beneficiaries. While it isn’t immune to challenges, there are some obstacles that the RLT can overcome, which aren’t present in a will contest.

What makes the trust immune to contests is that there is no notice given to the beneficiaries, which means they will not know whether a trust exists. Even the beneficiaries that are aware of the trust won’t challenge it during the grantor’s life won’t be able to challenge it because the rules state so.

Even if the beneficiaries decide to contest the trust, they might not be able because the trustee will provide credible evidence that the grantor had the capacity and was in their right mind when coming up with the trust.

The use of a RLT also helps eliminate or reduce costs that are related to probate, commissions, and certain fees that you pay to attorneys. Many of the transactions that occur during the estate administration and that would otherwise need probate approval can be easily accomplished by the trustee carrying out the powers granted to the trustee in the document.

Provides Control

Using a RLT to plan, as opposed to a will, can assure you that the plan you have in mind will be carried out as you want since the plan is already in effect, and it cannot be legally overturned even at the death of the grantor.

When you are alive, you can change the clauses in the trust, which is why it is termed “revocable.” However, when you are dead, the trustee is the one in control of the trust, and he has the capacity to make decisions regarding what happens according to the trust documents.

The trust can provide for the funds to be released to the beneficiaries in parts and not as lump-sum. This can be due to a marriage, graduation, or any other event that has been listed in the document.

Avoids Probate

The demerits of probate have been seen as the major reason to come up with a RLT rather than having the decedent’s assets go through the long process of assigning a beneficiary.

Fully funding the RLT will avoid the need for probate administration, which can be expensive and time-consuming. Using the funded RLT will eliminate the need to run an inventory, perform annual and final accountings, and appraisals.

Many of the transactions that occur during the probate process can be easily carried out by the powers that have been granted to the trustee.

Segregating Some Properties from Probate Administration

Even where probate administration is ideal for a huge part of the estate, the settlor can decide to create a trust that will administer only a few assets and retain the others in a will.

The assets that can be placed in a trust are the ones that are easy to liquidate, such as cash and life insurance benefits.

Avoiding the Publicity of Probate

The creation and funding of a RLT is a private matter between all the parties involved. This means that the property that has been used to fund the trust and the identity of the beneficiaries, remains a mystery to the public. This is in contrast to the wills, which become a public matter the moment it is admitted to probate.

Avoiding Ancillary Probate Administration

When an individual owns property out of the state, the parent state must undertake ancillary administration on the property. This process is long and fraught with complications. All this can be avoided if the person conveys the property into a revocable trust in accordance with the state’s laws.

Avoid the Possibility of Guardianship

Funding the revocable trust the right way can avoid the need to use a guardian to oversee the estate for minors. When you use a trust, you can come up with instructions on how the funds are handled for the minor. The funds can stay in the trust until the minor becomes an adult.

Implementing the Trust

You need to implement the RLT the right way for it to be valid. Before you start, you need to work with a qualified revocable trust New York attorney that understands your needs. Let us look at the different ways to do this:

Retention of Control

When you create the trust, you remain the trustee until you pass away, that is if you want it this way. This gives you the power to revoke, designate beneficiaries, and control the administration of the trust. When you pass away, the contingent trustee takes over the mantle and administers the trust on your behalf.

Revocability

The law in New York deems all trusts to be revocable unless it has been made irrevocable. The trust should address whether the agent or a trustee can revoke the trust while the settlor is incapacitated or deceased.

Trustee Powers and Duties

The trustee has the fiduciary obligations and duties owing to the trust’s beneficiaries and not just the settlor. Care should be taken to draft the duties of the trustee.

The settler should be clear on what the trustee needs to do and what they don’t need. The trustee owes the beneficiaries and the settlor the right to handle all obligations the right way. In such a situation, however, the trustor has the right to modify, amend, or revoke the trust, terminating the rights of the other beneficiaries.  

If there are co-trustees, they can act jointly or decide on the primary trustee to handle the trust. However, the law requires that any changes to RLTs have to be in writing and that the primary trustee cannot change the duties of other trustees without the co-trustees consent.

Meeting with Your Revocable Trust New York Lawyer

The first meeting with your RLT lawyer is essential in determining the kind of support you will receive from them. It allows you to understand your case better. You also get to know what you should expect from your case.

This initial meeting is almost similar to an interview. The lawyer will use the opportunity to ask you vital questions about the case, and also recommend some necessary actions that need to be taken.

You are also free to ask questions as you determine whether you have chosen the right person. You also need to be clear about what you expect from them.  You must be prepared in all ways. Here is what you should do:

Carry the Right Documents

Trust proceedings involve a lot of legal procedures. The court often instructs you to present certain documents such as the death certificate to initiate your case. You are supposed to provide your lawyer with all these documents because they are needed when assessing your case.

Having copies of the documents is also important because you must have a proof for each fact associated with your case. Be sure to carry copies of each document during your initial appointment.  

Give Enough Details

Your revocable trust New York lawyer will need to know a bit about you and they may ask for your personal information. You should provide all the information necessary to support the case. If it is your first time to be involved in the trust process, you may not understand what information is relevant. Feel free to ask the lawyer for guidance.

If possible, note down a summary of your estate. Note down any important dates since you will need to mention them too. You also need to provide the names and contacts of any other person involved in the trust.

Know What You Want

In case there is a dispute over the deceased’s trust, provide the lawyer with all the details. Although some disputes are completed outside court, others must be handled by the probate court. Sharing this information with your probate lawyer gives them enough information to handle the dispute.

Meet the Lawyer’s Expectations

For your lawyer to do a good job, they need all the support from you. You must be ready to provide all the information as requested. You should do this early enough to avoid delaying the whole probate process.

If the lawyer asks you to make certain decisions, make sure you do so as soon as possible. Inform them when you need time to think over certain issues. Maintain good communication with them and respond with accurate details during each step of the process.

The more you delay your decisions, the more time the process will take. Always ask for clarification from your lawyer so that you do not end up making uninformed decisions.

Why Should You Consider Our Revocable Trust New York Services?

Good RLT firms are those that focus on serving the needs of their clients. This is exactly what we do. We are always at your service, and our main focus is in the field of probate.

At our practice, we always strive to give you an exceptional experience that you deserve. Specifically, entrusting us with your case assures you of the best legal representation for the following reasons:

We Offer Exceptional Representation

The legal field keeps evolving, just like any other field. The laws and guidelines do not remain constant – including New York revocable trust laws. We always ensure that our team members remain apprised of any revised or new procedures.

We appreciate the fact that each legal issue is unique. Instead of waiting for challenges to arise during the process, we guide you on how to avoid them completely.

We continuously review your case and advise you on the best course of action. Our goal is to ensure that you remain stress-free during this period.

Our New York revocable trust lawyers are always on standby to respond to your concerns. We start working on your case as soon as you sign an agreement with us. To see our reputation, search for “revocable trust near me”, read a few reviews before you make a decision.

We have an Outstanding Reputation

We have experienced a high level of respect from the community, as well as from other firms. We value integrity and therefore carry out our duties transparently.

For the many years that we have been in service, several people continue to rely on us to represent them in court. We have confidently built a network of clients who keep coming back for our services and referring their friends.

Our commitment is to offer our clients the best service. We endeavor to attain the best outcome for each case. We are mindful of our clients’ satisfaction and work hard to ensure that they remain comfortable during the entire process.

We Address Your Concerns

When decide to create a trust, you must work with a qualified attorney that can easily address any arising concerns. That is exactly what we do. We understand that estate planning is a difficult process that needs sound decision making.

We simplify things for you by handling any questions and concerns you may have. You are always free to contact or book an appointment with us at any time. We advise our clients to feel free to reach out to us for any kind of support.

We Expedite the Entire Process

No one wants to spend a lot of time on estate planning. There may be other family-related matters that need your attention as well. We always appreciate the fact that coming up with the trust is not the only responsibility you have. We aim at doing everything in our power to shorten the process.

We achieve this by working in close contact with the court. As we do this, we can find out if there are any new developments in RLTs, so that we can inform you in good time.

We keenly follow up with each step of the process to ensure that it is completed properly without any errors. We do not use a specific formula to ensure that the process moves faster. However, our way of doing things is enough to prevent the process from going on for too long.

We Are Excellent Financial Advisors

Besides handling legal matters associated with RLTs, we also help our clients to meet their financial goals and those of the court.

We Are Good at Answering Questions

We do not leave any questions unanswered. We provide you with the necessary information and give you time to seek more clarification from us when necessary. Once we begin handling your trust, we provide you with a telephone number through which you can reach us directly.

Our team is always on standby to respond to your concerns. Working with us guarantees that you will always make informed decisions since we are always available to guide you through each stage of the process.

We are Experts at Resolving Disputes

Our approaches aim at minimizing the occurrence of disputes. Our professional way of handling the estate keeps creditors and potential heirs an opportunity to contest during probate and not after the process has been completed.

In case trust disputes arise and turn into a lawsuit, you can be sure that our team will represent you properly and facilitate your win. We do not wait until it is too late to handle such disputes because we understand how expensive and time consuming this can be.

We Are Great Legal Advisors

Working with the executor not only resolves disputes but also saves you a lot of time. In most cases, the trustee is not conversant with the legal procedures associated with RLTs. Having such a person can pose a great liability to the entire process since they do not understand what needs to be done, especially if it is their first time to handle such a responsibility. Our focus is to equip the trustee with the right knowledge to carry out their duties without posing more risk on the estate.