A trust administrator can facilitate the transfer of trust assets through the trust administration process. Serving as a trust administrator can be a difficult job because there are multiple steps involved in the trust administration process and the administrator must ensure that he or she is in compliance with legal obligations at all times. Those who administer a trust after a death are also in a position where they owe a fiduciary duty, which is the highest duty that can be owed, and they … [Read more...] about How Much Does a Trust Administrator Earn?
New York trust administration is a process which can be triggered after a death if the deceased person (called a decedent) created a trust. Trusts are often created as part of estate planning in order to make it possible for assets to transfer outside of the probate process. The trust administration process can be both quicker and easier than probate, so heirs can inherit faster. However, there are still certain steps which must be taken during trust administration to officially transfer assets … [Read more...] about New York Trust Administration Steps
Even though the modern revocable living trust is one of the best estate planning tools you can use, a lot of people are reluctant to use them because they do not understand them. The best estate plan is one you make with the advice and guidance of your attorney, but it is also one with which you are comfortable. If you create any estate planning tool, such as a living trust, but don't really understand why you are making it or what its function is, you aren't going to get the most out of your … [Read more...] about 3 Tips About Living Trusts in Rochester
Last week we looked at several reasons why do-it-yourself estate planning in Rochester is a serious potential mistake. Estate planning is such a complicated field, requiring the careful consideration of so many factors, that the vast majority of people are unsuited to create plans without help. While you can take the time to research the relevant estate planning issues, discuss the questions you have to face, and determine what goals you want to set for yourself, you should always make a plan … [Read more...] about Estate Planning in Rochester: Do-It-Yourself Plan Can Cost You – Part 2 of 2
A trust schedule of assets is a useful tool regardless of the type of trust you are creating. Anyone beginning the estate planning process in New York can expect to create one or more trusts as part of that process. The individual trusts you create will afford you specific benefits depending on the type you choose, but all of them require similar steps. The trust schedule of assets is a tool you can use to help you ensure you go about the trust creation process effectively. Here is what you … [Read more...] about Making the Most Out of Your Trust: The Schedule of Assets
Creating a comprehensive estate plan in New York is not just about making decisions that only you can make, it’s also about choosing people who will serve important roles in your life and in the management of your estate. When, for example, you choose to create a living trust, you will have to select a trustee who will manage the trust property. Selecting a trustee is not always an easy process, and there are several considerations you will have to make before identifying the ideal candidate. … [Read more...] about Selecting the Right Trustee for Your Revocable Living Trust
When some people hear about revocable living trusts for the first time, they’re confused by the notion that by transferring your property to the trust you can gain certain benefits. Though transferring estate property outside of probate and maintaining privacy is appealing, a lot of people are uncomfortable with the idea of having to transfer their property to the trust. These people often fear that by doing so they will lose control over their property and leave it up to some stranger to manage … [Read more...] about Controlling The Assets You Place in Your Living Trust
People in Rochester, New York and the Finger Lakes region often create a living trust when they create a comprehensive estate plan. As we’ve discussed before, living trusts have a number of benefits when it comes to estate planning, but they do require some additional work on your part to make sure they operate as you intended them to. Like many parts of your estate plan, you will often need to review and amend your living trust as your circumstances change. Here are several situations that … [Read more...] about Will I Need to Update My Living Trust?
People in Rochester, New York who create estate plans often choose to use revocable living trusts as a cornerstone of their plan. While these trusts are excellent tools that nearly everyone can benefit from, they do have some downsides, or, at the very least, lack specific benefits. Let’s take a look at living trusts and how they are not suitable for all of your estate planning needs. Asset Protection Living trusts are excellent at ensuring privacy, eliminating probate requirements, and … [Read more...] about The Downsides of a Living Trust
After you’ve decided to create a living trust you need to take the next step: funding. Funding means transferring some of your property to the living trust so the trust itself becomes the new owner. While you should speak to your estate planning lawyer about what property you should transfer and how you need to do it, here are some general principles you will need to be ready to face. Real Estate For most people their home or other real estate investments represent their largest single … [Read more...] about Living Trust Steps: Funding