Rochester Living Trust Lawyers

Experienced Rochester Living Trust Lawyers Serving Western New York

What is a Living Trust?

An inter vivos trust (living trust) is created for holding ownership of your assets during your lifetime for the benefit of named beneficiaries and distributing those assets after your death. It may be revocable or irrevocable.

The grantor, is the person who creates the trust.  The grantor will name an individual to serve as a successor trustee to follow the terms of the trust after the grantor dies.  When the grantor is living they can serve as a trustee and control the assets even though they belong to the trust.

FUNDING A TRUST IN NEW YORK

In order for a living trust to go into effect, the title to the grantor’s assets must be transferred into the trust.  This means that titles to bank accounts, stock certificates or real estate owned by the grantor must be transferred into the trust.  Just because you created a trust doesn’t mean the trust has become funded.

A New York resident executed a living trust agreement that simply recited that his house belonged to and had been assigned to the trust. However, at the time of his death no deed had actually been executed. Assets that are in a living or “inter vivos” trust avoid probate only if they have actually been transferred to the trust.

A deed is required to transfer real estate into a trust. Merely reciting in the trust agreement that assets are being assigned to or are held by the trust is insufficient for transferring them to the trust. Therefore, the NY Appellate Division, First Department ruled that the house is part of the probate estate, rather than part of the trust.

Rochester Living Trust Lawyers You Can Trust!

Are you planning your estate and are in need of a living trust?  Our experienced Rochester Living Trust Lawyers can help you navigate the process of establishing a living trust in New York.