New York US Legal Guide to Revocable Land Trusts
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FAQ
New York, at present, does not recognize the legal mechanism known as a land trust. This trust concept has, however, been sanctioned by Illinois case law for many years.
How much does a trust cost in NY? The average cost is about $6,000. It starts from $1,500 for a pooled trust joinder and can go up to over $10,000 for a complicated irrevocable trust with multiple property transfers and a defensive strategy.
A living trust in New York allows you to place your asset into a trust but still use them during your lifetime. Your beneficiaries inherit them after your death. A revocable living trust (sometimes known as an inter vivos trust) provides many advantages that may make it a desirable part of your estate planning process.
There must be a specific clause describing the trust as being irrevocable. Once the trust agreement is ready for signature, the parties must sign in the presence of witnesses and the document should be notarized.
To make a living trust in New York, you:Choose whether to make an individual or shared trust.Decide what property to include in the trust.Choose a successor trustee.Decide who will be the trust's beneficiariesthat is, who will get the trust property.Create the trust document.More items...
In New York, there is no requirement to record a trust. Part of the idea of a trust is to maintain privacy. When you are transferring a property to a trust, you are allowed to not disclose the ownership of the property to the public.
The revocation is usually done by a simple document stating your intent to revoke the trust, followed by the transfer of the assets from the trust to your name individually. However, if the trust is an irrevocable trust, it may not be so easy.
In New York, a trust does not have to be signed by two witnesses. But it could be. A trust does need to be signed by the person making the trust and by the trustee.
Among other benefits of revocable trusts, the execution or amendment of a revocable trust document is arguably more flexible than the execution of a will, as the execution of a New York trust usually requires two witnesses or notarization of the settlor's (testator's) signature and is not subject to the formal scrutiny