Trusts Attorneys in White Plains, New York
A trust is one of the most important tools you can have in your estate planning arsenal. This legal document allows you to plan for your family’s future and protect your assets, among other things. However, setting up a trust can be complicated.
As estate planning attorneys at Rutkin & Wolf PLLC, we assist clients in making end-of-life arrangements and creating fully customized trusts. If you need legal advice about trusts, contact our office in White Plains, New York. We serve clients in Westchester, The Bronx, Manhattan, and the surrounding areas.
Overview of Trusts
A trust is a legal fiduciary arrangement created by the grantor who transfers assets to the trust. The grantor sets up a trust for the benefit themselves, another person or organization (the beneficiary) and names a third-party to act as the trustee or acts as their own trustee, depending on the type of trust. The trustee is the person or organization that administers the trust according to the grantor’s wishes.
Everyone can benefit from establishing a trust regardless of the size of their estate. A trust can be an essential component of your estate plan because it helps you protect and preserve your assets, minimize taxes, avoid probate, and control how your wealth is distributed. As trusts attorneys in New York, we can assist you in creating and implementing a trust and other estate planning documents.
Types of Trusts
When researching information about trusts, you may stumble across different types of trusts you can set up as part of your estate plan. There are dozens of trusts to choose from, but all of them can be divided into two categories:
Revocable. Revocable trusts are created during the grantor’s life and give the grantor flexibility and control over the assets. Revocable trusts can be amended or canceled at any point during the grantor’s lifetime, hence the name “revocable.”
Irrevocable. As the name implies, irrevocable trusts cannot be revoked, amended, or otherwise altered after they are set up by the grantor. However, there can be exceptions to the general rule.
There are many different types of trusts to choose from, including but not limited to insurance, testamentary, living, joint, special needs, and charitable trusts. Each type has its own nuances and purposes. You need to clearly understand your needs and goals when setting up a trust to make sure that you choose the right type of trust.
Process of Creating a Trust
If you want to create a trust in New York, you will need to take the following steps:
Figure out which type of trust suits your goals and needs. As discussed earlier, there are several types of trusts to choose from. You need to choose a suitable type of trust according to your goals and needs.
Decide which assets you want to put into the trust. Before creating a trust, you need to decide which assets you want to transfer to the trust.
Choose a trustee. When deciding who to appoint as a trustee, you need to choose someone you can trust and someone who will do a good job at managing your trust.
Draft the document. You will need legal counsel to help you with this step. A knowledgeable attorney will help you draft an enforceable document in compliance with state-specific requirements.
Make sure the document is notarized or witnessed. New York law requires trust documents to be either notarized or witnessed to be valid.
Fund the trust. The last step is to transfer your assets into the trust.
Contact an experienced trusts attorney to help you take the necessary steps to create a valid and enforceable trust that reflects your goals and needs. At Rutkin & Wolf, we will guide you through the process of setting up, maintaining, and executing a trust in New York.
How a Trusts Attorney Can Help
If you want to set up a trust, it is vital to get an attorney’s help. But how can a trusts attorney help you? There are several things an experienced attorney can do to help you create a trust:
Informing you of your options when choosing the type of trust.
Reviewing your assets, needs, and goals.
Addressing your concerns and answering your questions when helping you draft a trust.
Drafting legal documents in compliance with applicable laws and requirements.
Explaining ways to reduce taxes and avoid probate with the help of a trust.
Handling disputes and legal issues that may arise when creating or executing a trust.
As trusts attorneys at Rutkin & Wolf, we are dedicated to providing all of our clients with high-quality representation and compassionate legal guidance. If you need a trust, we are here to help you get it done right.
Trusts Attorneys Serving
White Plains, New York
At Rutkin & Wolf PLLC, our estate planning attorneys help clients obtain peace of mind knowing that their financial future and loved ones are protected. We take the time to learn about your goals and needs to help you set up a trust customized to your unique circumstances. Schedule a consultation with our trusts attorneys in White Plains, New York, to discuss your particular situation.