understanding revocable living trusts in new york: basic issues

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UNDERSTANDING REVOCABLE LIVING TRUSTS IN NEW YORK BASIC ISSUES

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Learn more about revocable living trusts in New York in this presentation.

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Page 1: Understanding Revocable Living Trusts in New York: Basic Issues

UNDERSTANDING REVOCABLE LIVING TRUSTS IN NEW YORK

BASIC ISSUES

Page 2: Understanding Revocable Living Trusts in New York: Basic Issues

Privacy1

What happens to your property during probate?

Page 3: Understanding Revocable Living Trusts in New York: Basic Issues

Because a living trust will let you avoid probate as much as possible,

it will also allow you to keep your inheritance choices private

Page 4: Understanding Revocable Living Trusts in New York: Basic Issues

If you were to pass property through a last will and testament, that document would have to be

probated, and your choices would be made public

Page 5: Understanding Revocable Living Trusts in New York: Basic Issues

Incapacity2

What happens to your property if you are incapacitated?

Page 6: Understanding Revocable Living Trusts in New York: Basic Issues

When you serve as the trustee of your own living trust,

you will have to prepare for your possible incapacitation by nominating

a SUCCESSOR TRUSTEE

Page 7: Understanding Revocable Living Trusts in New York: Basic Issues

Should you actually become incapacitated, the successor trustee

will take over managing trust property

Page 8: Understanding Revocable Living Trusts in New York: Basic Issues

Distribution3

What happens after you die?

Page 9: Understanding Revocable Living Trusts in New York: Basic Issues

After you die, your successor trustee will be

responsible for taking all the trust property and distributing it to the

owners you have identified when you created, or modified, the trust

instrument

Page 10: Understanding Revocable Living Trusts in New York: Basic Issues

Living Trusts and Other Devices4

Do I need more than just a living trust?

Page 11: Understanding Revocable Living Trusts in New York: Basic Issues

YES

Page 12: Understanding Revocable Living Trusts in New York: Basic Issues

A living trust is only a single tool

Page 13: Understanding Revocable Living Trusts in New York: Basic Issues

You need to create several estate planning tools to give

yourself a complete estate plan

Page 14: Understanding Revocable Living Trusts in New York: Basic Issues

LEARN MORE ABOUT REVOCABLE LIVING TRUSTS IN NEW YORK

Page 15: Understanding Revocable Living Trusts in New York: Basic Issues

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