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Understanding Revocable Living Trusts in New York Basic Issues, Questi

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Information about Understanding Revocable Living Trusts in New York Basic Issues, Questi
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Published on February 21, 2014

Author: minkolawny

Source: authorstream.com

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PowerPoint Presentation: UNDERSTANDING REVOCABLE LIVING TRUSTS IN NEW YORK Basic Issues, Questions and Answers PowerPoint Presentation: TRUSTS PowerPoint Presentation: What Is a Trust? 1 PowerPoint Presentation: A trust is created through a document, known as a trust instrument, that establishes a relationship between you, some of your property, and specific people or organizations PowerPoint Presentation: It’s often useful to think of a trust as a legal entity like a corporation PowerPoint Presentation: What Is a Living Trust? 2 PowerPoint Presentation: There are two ways to create a trust PowerPoint Presentation: First, you can create a trust through your last will and testament PowerPoint Presentation: Since these trusts don’t take effect until you’re dead, they’re called TESTAMENTARY TRUSTS PowerPoint Presentation: LIVING TRUSTS are trusts that take effect while you’re alive PowerPoint Presentation: What Is a Revocable Living Trust? 2 PowerPoint Presentation: A REVOCABLE TRUST is one that has terms, or rules, you can change or revoke PowerPoint Presentation: Irrevocable trusts cannot be changed PowerPoint Presentation: A revocable living trust, therefore, is a trust you establish to take effect while you are alive, and one that you are free to modify as you choose PowerPoint Presentation: PROBATE PowerPoint Presentation: What Does a Revocable Living Trust Do? 3 PowerPoint Presentation: Though revocable living trusts provide several benefits, their most important benefit is the ability to allow your estate — the property you leave behind after you die—to avoid probate PowerPoint Presentation: LEARN MORE ABOUT REVOCABLE LIVING TRUSTS IN NEW YORK PowerPoint Presentation: Click to visit: www.MinkoLaw.com

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