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Trustees, Executors & Fiduciaries Archives

Trust administration in New York

When you are preparing your estate plan, you may want to consider utilizing trusts to help you meet a variety of different types of financial and family goals. If you plan and set up trusts appropriately, you can use them to directly pass your assets to your heirs while bypassing the expense and litigation that can be involved with the probate process.

Court of jurisdiction for trust administration in New York

The court that will have jurisdiction over trust matters does not depend on where the testator of a will creating the trust was domiciled. Similarly, a lifetime trust does not depend on the domicile of the grantor if the contained real property and assets exist in New York.

Estate planning errors to avoid

Individuals in New York who are estate planning should keep in mind that there are a number of common errors that people make with their wills, trusts and other documents and accounts. One of these errors is making an estate plan and failing to return to it for revisions. Such changes as children, marriages, deaths and divorces may result in a needed update, so estate plans should be periodically reviewed.

Trusts and estate plans

While some people with very simple estates may not need to set up a trust, trusts can be a useful tool for many different people in New York who are in the process of estate planning. People who have a net worth of $100,000 and who have a sizable portion of assets held in real estate, art or business may benefit by using a trust.

Charitable trusts in New York

Some people in New York might wish to set up a charitable trust so they can donate assets and income earned through it to various designated charities. It is important when people are wanting to set up a trust for this function that they do it in such a way as to avoid potential tax implications.

Trust structures may help with asset management

New Yorkers who want to ensure their possessions are managed properly may rely on wills and similar documents, but living trusts offer an alternative. These structures are notable in that their grantors can name themselves trustees and thus manage the assets they want to safeguard. In addition, other trusts, such as spendthrift trusts, can be included in a living trust so that beneficiaries are explicitly looked after.

What are the responsibilities of a fiduciary in New York?

A fiduciary is a person who is responsible for administering the estate of a deceased person. Depending on the circumstances, some fiduciaries will be referred to as executors, and some will be called administrators. An executor is a person who was named specifically in the deceased person's will as the individual who would be charged with managing the estate. When a person dies who had no will, the court will appoint an individual to be the estate administrator.

Robin Williams created revocable trust for assets

Robin Williams fans in New York might be interested to know that his family could be spared the ordeal of going through probate for certain assets. When someone leaves a will, probate courts verify the document and still make decisions regarding the execution of the deceased person's estate. Court records can reveal specifics of a person's estate that families might like to keep private. Since Williams set up at least one revocable trust, probate might not affect certain aspects of the late actor's estate plan.

A brief outline of irrevocable and revocable trusts

Some New York residents may find that establishing a living trust is an attractive option for guiding asset disbursement upon death while avoiding a potentially frustrating probate process. For an individual considering a revocable or irrevocable trust, understanding some basic points regarding these trusts can help an individual to approach the subject more gracefully with a financial advisor or attorney.

Long after his death, James Brown's estate still in dispute

There are countless examples of how a poorly worded or ambiguous will can lead to battles among heirs -- even for years after a person's death. If some parties think that the trust assets are not being appropriately handled, then the case could be tied up in case for years. In some cases, however, some of those assets might already be more or less gone.