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  • Add as FriendUnderstanding Revocable Living Trusts in New York: Basic Issues

    by: minkolawny

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    1 : UNDERSTANDING REVOCABLE LIVING TRUSTS IN NEW YORK Basic Issues
    2 : Privacy 1 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 : Incapacity 2 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 : Distribution 3 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 : Living Trusts and Other Devices 4 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
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