New York City and Long Island Trust Lawyers

If you wish to have a trust written for you the following is a check list of items that you’ll need to consider before writing the trust:

Do You Want a Trust with Your Spouse or An Individual Trust?

If you are married you can create a joint trust with your wife. You and your wife can also have separate trusts.

What Property Do I Put in the Trust?

Generally speaking the property in the trust should be your house or other real estate related assets. Assets that do not generate income are ideal assets to be placed into trusts. You can also put stocks, bonds, cash accounts and all other types of assets in a trust. The trustee of a trust can take any action with regard to the assets of the trust that you can take with regard to the assets if they’re not placed them in the trust.

Who Should Be the Beneficiaries of the Trust?

The beneficiaries of the trust inherit directly through the trust. The same individuals you would consider to be beneficiaries in a will should also be the beneficiaries of your trust. Examples of these beneficiaries might be your wife and children.

Who Do I Name As Trustee?

In a revocable living trust you can be the trustee. You also must name an alternate trustee to take care of the distribution of your property after you die. If you are creating an irrevocable trust you can not be the trustee. You should name a trusted individual as the trustee. You should discuss the appointment of the trustee with this individual prior to writing the trust.

Drafting Trusts

Have an attorney draft the trust and transfer your property into it. A trust should only be drafted by a qualified estate planning or elder law attorney. After the trust is created a new deed must be prepared to transfer your real estate into the trust. It also will be necessary to change the title on various financial accounts so they can be handled through the trust.

New York City and Long Island Elder Law Attorneys

The estate planning and elder law attorneys at the law office of Elliot Schlissel have been drafting trusts for more than three decades. We will meet with you, explain how trusts work and discuss whether a trust is an appropriate estate planning vehicle for you. Call us for a free consultation.

The Law Offices of Elliot S. Schlissel represents individuals, parents and grandparents in estate planning and elder law matters throughout the New York City area.