Most of us have accumulated too much valuable (and sometimes less valuable) property in our lives. Consider that it will never be too early for the property to go after your death. The New York trust law provides a way to ensure that your property does not appear in state bank accounts. This is a quick summary of New York trust law.
Distribution of property by the New York Trust Act
The New York trust law allows you to provide property rights to relatives through various types of trusts. Whether through explicit, lifelong or charitable trust, this type of property planning ensures that some of you, the organization and / or the pet will be the beneficiary of the property. Avoiding the often cumbersome New York probate process is one of the main advantages of distributing property through trusts.
The following table summarizes the details of the New York trust law.
Article 7 of the New York Code: trusts
Section 8 of the New York Code: Charitable Trusts
A trust may be established for any lawful purpose.
The creator of a trust may, with the written consent of all persons beneficial to the trust, revoke or modify all or part of a valid trust.
Under the New York trust law, a life trust is created by a person who is still alive, not by a person who dies by will. Any person 18 years of age or older may dispose of property through a life trust. All property held in the property may be disposed of through a life trust. Lifetime trust is irrevocable unless it is explicitly stated to be revocable.
A trust valid under the New York trust law for the care of livestock or pets. When the trust does not cover any activity, or at the end of the twenty-one year period, whichever is earlier, such trust will terminate.
Charitable trusts dispose of property for religious, charitable, educational, or charitable purposes. The New York trust law states that these trusts will not lapse due to uncertainty or uncertainty of the named beneficiary.