Understanding Revocable Living Trusts in New York: Basic Issues, Questions and Answers

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UNDERSTANDING REVOCABLE LIVING TRUSTS IN NEW YORK
Basic Issues, Questions and Answers
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TRUSTS
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What Is a Trust?
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A trust is created through a document, known as a
trust instrument, that establishes a relationship
between you, some of your property, and specific
people or organizations
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Its often useful to think of a trust as a legal
entity like a corporation
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What Is a Living Trust?
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There are two ways to create a trust
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First, you can create a trust through your last
will and testament
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Since these trusts dont take effect until
youre dead, theyre called TESTAMENTARY TRUSTS
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LIVING TRUSTS are trusts that take effect while
youre alive
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What Is a Revocable Living Trust?
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A REVOCABLE TRUST is one that has terms, or
rules, you can change or revoke
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Irrevocable trusts cannot be changed
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A revocable living trust, therefore, is a trust
you establish to take effect while you are alive,
and one that you are free to modify as you choose
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PROBATE
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What Does a Revocable Living Trust Do?
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Though revocable living trusts provide several
benefits, their most important benefit is the
ability to allow your estate the property you
leave behind after you dieto avoid probate
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LEARN MORE ABOUT REVOCABLE LIVING TRUSTS IN NEW
YORK
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