Most of us accumulate an excess of valuable (and sometimes not-so-valuable) property during our lifetime. It's never too early to think about where this property will go when you die. New York trust laws offer ways to make sure that your estate doesn't end up in the state's bank accounts. This is a quick summary of the trust laws in New York.
Distributing Your Property With the Help of New York Trust Laws
New York trust laws allow you to provide loved ones with the right to your property through various types of trusts. Whether it is through an express, lifetime, or charitable trust, this type of estate planning assures you that certain people, organizations, and/or pets will be the beneficiaries of your property. Avoiding the often complicated New York probate process is also one of the main advantages of distributing your estate through a trust.
The following table outlines the specifics of New York trust laws.
New York Code – Article 7: Trusts
New York Code – Article 8: Charitable Trust
A trust may be created for any lawful purpose.
|Revocation of a Trust||
The creator of a trust may revoke or amend the whole or a part of a valid trust with written consent of all the persons beneficially interested in a trust of property.
Under New York trust laws, a lifetime trust is created by a person who is still alive rather than upon a person's death through a will. Any person 18 or older may dispose of property through a lifetime trust. Every estate held in property may be disposed by a lifetime trust. A lifetime trust is irrevocable unless it expressly provides that it is revocable.
|Honorary Trusts for Pets||
A trust for the care of a domestic animal or pet is valid under New York trust laws. This type of trust will terminate when no living animal is covered by the trust, or at the end of twenty-one years, whichever occurs earlier.
Charitable trusts are the disposition of property for religious, charitable, educational or benevolent purposes. New York trust laws state that these trusts will not be invalid by reason of the indefiniteness or uncertainty of the persons designated as beneficiaries.
Take control of your estate with a trust before it is too late. If you need legal assistance in creating a trust, you can contact a New York Trust lawyer through FindLaw. Visit FindLaw's sections on trusts and estate planning for more articles and information on this topic.
Contact a qualified attorney.