Westchester County Living Trust Attorney

Westchester County Living Trust Lawyer

Living trusts are common tools used in estate planning that work to protect and preserve the assets you have earned. At Greco Law, we know how much you deserve to have your assets and legacy protected and how much your loved ones deserve to be taken care of and provided for once you are gone. Our team of experienced Westchester, NY, living trust attorneys can review the details of your wealth and assets and help determine if a living trust is right for you.

What Is a Westchester, NY, Living Trust?

In New York, a living trust is a legal arrangement that you, as the grantor, establish to protect your assets during your lifetime and can also dictate how you wish these assets to be distributed following your passing. Living trusts are often used in conjunction with or in place of a will in many comprehensive estate plans. Some living trusts can also be used as financial tools, allowing you to protect your assets from creditors, taxes, or from being wasted.

In order to officially establish a living trust, you must file the trust document and name a trustee or an individual who manages and has control over the assets you have placed into the trust. This trust document will lay out specific guidelines on how the trustee can manage the trust assets and will also direct them on using or distributing the assets and income within the trust.

You may name yourself as the trustee, or you can nominate a trusted third party to act on your behalf. In your trust document, you must also establish the beneficiaries of the trust and allocate how and when those individuals can begin receiving assets.

Overall, living trusts can be extremely beneficial, as they can help your family avoid probate court following your passing, provide privacy to the estate, and help avoid certain tax liabilities, family disputes, and creditors.

Common Types of Living Trusts in White Plains, NY

In White Plains, NY, there are two main types of living trusts that you can set up as part of your comprehensive estate plan. These include:

• Revocable living trusts. This kind of living trust is the most common set-up in the state of New York. It is also the most flexible of the two. The grantor, or individual setting up the trust, has the ability to terminate, revoke, or modify the trust at any time. However, once they pass, changes and cancellations are no longer possible. The grantor has the power to alter heirs, sell property within the trust, or add assets.
• Irrevocable living trusts. Once this form of trust has been created, it can no longer be altered. The ownership of all property is transferred from the grantor to the trust, and their ability to modify the trust can become extremely difficult. In most cases, changes can only occur if they are made in agreement and signed by the trustee, beneficiaries, or are handled through the legal order of a judge.

Speak With a Skilled Living Trust Attorney Today

If you think a living trust might be right for your estate plan, the team at Greco Law can help. Contact us today to schedule your Legacy Planning Session and learn more about our services.