Understanding Revocable Living Trusts in New York: Basic Issues - PowerPoint PPT Presentation

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Understanding Revocable Living Trusts in New York: Basic Issues

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Title: Understanding Revocable Living Trusts in New York: Basic Issues


1
UNDERSTANDING REVOCABLE LIVING TRUSTS IN NEW YORK
  • Basic Issues

2
1
Privacy
What happens to your property during probate?
3
Because a living trust will let you avoid
probate as much as possible, it will also allow
you to keep your inheritance choices private
4
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
5
2
Incapacity
What happens to your property if you are
incapacitated?
6
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
7
Should you actually become incapacitated, the
successor trustee will take over managing trust
property
8
3
Distribution
What happens after you die?
9
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
10
4
Living Trusts and Other Devices
Do I need more than just a living trust?
11
YES
12
A living trust is only a single tool
13
You need to create several estate planning tools
to give yourself a complete estate plan
14
LEARN MORE ABOUT REVOCABLE LIVING TRUSTS IN NEW
YORK
15
Click to visit www.MinkoLaw.com
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