Rockland County Living Trust Attorney

Rockland County Living Trust Lawyer

Living trusts are becoming a popular estate planning tool across New York and the area of Rockland County. Many individuals turn to the establishment of living trusts in order to preserve their legacy and assets and to ensure that these assets are passed on in accordance with their desires and to mitigate both legal effort and expense. If you are wondering if a living trust is right for you, a Rockland County, NY, living trust attorney can help.

What Is a Living Trust in Rockland County, NY?

A living trust is an estate planning tool that allows you, as the grantor, to protect your assets while you are still alive and gives you control over how to direct these assets through distribution after your passing. These trusts are often used as an alternative to a will or used in collaboration with an existing will. These trusts can help protect your assets from probate after your death and can also be used to mitigate taxes.

In a living trust, an individual known as a trustee, whom you have the power to nominate, controls, and manages all assets placed into that trust. When you establish this trust, you execute a trust document, which governs how the trustee can operate and how they can direct the use or distribution of your assets and wealth. If the trust is revocable, you can act as the trustee, or you can name a trusted third party to act as the trustee.

Common Types of New York Living Trusts

In New City, NY, there are two main types of living trusts. Your attorney from Greco Law can sit down with you and help you determine which form of living trust is right for you. These include the following:

• Revocable Living Trust. This form of living trust is the most common and also the most forgiving and flexible. In these cases, the grantor, or individual who has established the trust, can cancel, edit, or revoke the trust at any moment before the grantor dies. This allows them to completely terminate the trust, add more of their assets, sell off property held in the trust, or change beneficiaries as they wish. Once they die, the trust cannot be changed.
• Irrevocable Living Trust. Once this form of living trust has been created, it cannot be modified or changed. It also cannot be revoked. The ownership of all property is transferred to the trust and the ability of the grantor to make any changes become complicated and extremely difficult. Typically, changes can only be made with a court order and an agreement signed by both the beneficiaries and the trustee.

Speak With a Skilled Rockland County Living Trust Attorney

If you are wondering whether or not a living trust is right for you and your Rockland County estate, reach out to the team at Greco Law. We are here to help you make that determination. Contact our offices today to schedule an Legacy Planning Session and allow us to counsel you in this important legal matter.