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Revocable Trusts – Lifetime or Living Trust

Revocable Trusts, by their nature, can be amended or revoked at any time by the Grantor.  The Grantor may, however, specify that the terms of the Trust may not be amended if he or she becomes incapacitated. Revocable Trusts have three primary purposes.

The first purpose is to avoid “Probate”, which is a process by which Wills are subject to scrutiny by Surrogate’s Courts at the County level.  Revocable Trusts can prevent attacks against your Will’s validity, and help to better carry out your wishes.  This will save your family both time and money in administering and closing your estate.  When you are “disinheriting” a close blood relative, or when the whereabouts of close relatives who are not going to be beneficiaries of your estate are unknown, using a Trust can save considerable time and expenses required to locate such relatives and to give them an opportunity to contest your Will.  Note that, before your Will is admitted to probate, it is subject to challenge by what are considered to be your closest relatives.  For example, where you have a spouse and children, both your spouse and your children (or the children of any pre-deceased children of yours) have a right to Object to your Will.  Where you have no spouse or children, your parents, if living, can challenge your Will, and if you are not survived by a spouse, children or parents, then your brothers and sisters can challenge your Will, and if any of them pre-deceased you, their children step into their shoes in having the right to file Objections to your Will.

The second beneficial purpose is to offer your heirs “asset protection” from creditors and others seeking money from them. Greater asset protection can be created for assets transferred through a Trust than for assets passing under a standard “Simple Will.”

Third, Revocable Trusts provide a mechanism for assets to be managed in the event of the Grantor’s disability and also provide the Successor Trustee with nearly seamless authority and control over the assets after the death of the Grantor.

 

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Revocable Trusts – Lifetime or Living Trust

Irrevocable Trusts

Testamentary versus Inter Vivos Trusts

 

The Witecki Law Office
(518) 372-2827
8 South Church Street
Schenectady, NY 12305
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