New York Living Trust with Provisions for Disability

• Category: Trusts - Living Trusts
• State: Multi-State
• Control #: US-0651BG
• Format: Word; Rich Text

Description

A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust. A New York Living Trust with Provisions for Disability is a legal document that is designed to provide comprehensive protection for individuals and their assets in case they become incapacitated, disabled, or unable to manage their own affairs. This trust ensures that the person's wishes are carried out and their assets are managed by a trusted individual or entity of their choice. Keywords: New York Living Trust, Provisions for Disability, legal document, protection, incapacitated, disabled, manage affairs, assets, trusted individual, entity. There are two common types of New York Living Trusts with Provisions for Disability: 1. Revocable Living Trust with Provisions for Disability: This type of trust allows the creator (also known as the granter) to retain control over their assets during their lifetime. The trust can be modified or revoked by the granter at any time while they are mentally competent. In the event of disability, a successor trustee takes over the management of the assets, ensuring that the granter's wishes are carried out. 2. Irrevocable Living Trust with Provisions for Disability: Unlike a revocable trust, an irrevocable living trust cannot be modified or revoked once it is established. This type of trust provides greater protection for assets. In the event of disability, a pre-selected trustee assumes control over the trust assets and is responsible for managing them according to the granter's instructions. Both types of New York Living Trusts with Provisions for Disability are legal instruments that can help individuals plan for potential incapacity. The trust documents specify who will be in charge of managing the assets, how the assets will be distributed, and any additional provisions for disability, such as healthcare directives or special needs trusts. It is crucial to consult an experienced estate planning attorney when creating a New York Living Trust with Provisions for Disability to ensure all legal requirements are met and to tailor the trust to your specific needs. Your attorney can guide you through the process of creating and funding the trust, as well as assist in choosing the appropriate type of trust and selecting the right trustees.

A New York Living Trust with Provisions for Disability is a legal document that is designed to provide comprehensive protection for individuals and their assets in case they become incapacitated, disabled, or unable to manage their own affairs. This trust ensures that the person's wishes are carried out and their assets are managed by a trusted individual or entity of their choice. Keywords: New York Living Trust, Provisions for Disability, legal document, protection, incapacitated, disabled, manage affairs, assets, trusted individual, entity. There are two common types of New York Living Trusts with Provisions for Disability: 1. Revocable Living Trust with Provisions for Disability: This type of trust allows the creator (also known as the granter) to retain control over their assets during their lifetime. The trust can be modified or revoked by the granter at any time while they are mentally competent. In the event of disability, a successor trustee takes over the management of the assets, ensuring that the granter's wishes are carried out. 2. Irrevocable Living Trust with Provisions for Disability: Unlike a revocable trust, an irrevocable living trust cannot be modified or revoked once it is established. This type of trust provides greater protection for assets. In the event of disability, a pre-selected trustee assumes control over the trust assets and is responsible for managing them according to the granter's instructions. Both types of New York Living Trusts with Provisions for Disability are legal instruments that can help individuals plan for potential incapacity. The trust documents specify who will be in charge of managing the assets, how the assets will be distributed, and any additional provisions for disability, such as healthcare directives or special needs trusts. It is crucial to consult an experienced estate planning attorney when creating a New York Living Trust with Provisions for Disability to ensure all legal requirements are met and to tailor the trust to your specific needs. Your attorney can guide you through the process of creating and funding the trust, as well as assist in choosing the appropriate type of trust and selecting the right trustees.