In New York, estate owners have invaluable opportunities to protect their property. Among these opportunities are the separation of certain properties and assets from the estate itself. These opportunities could present the estate owner with more effective control over their estate. A Trust Administration Attorney Rockland County NY could provide these estate owners with an irrevocable trust for these purposes.
What is an Irrevocable Trust?
An irrevocable trust is a trust or foundation that is created separate from the estate. Since it isn’t a part of the estate, it doesn’t enter into probate. It doesn’t incur any inheritance taxes. The value of the trust depends on the properties and assets transferred into it.
What Rights Do the Estate Owner Have?
The estate owner maintains all rights and control over the irrevocable trust. They have the legal right to make any changes to the trust whenever they choose. They also determine who acquires control over the trust when they die. The estate owner may remove or add properties and assets as they choose. There aren’t any limitations or restrictions for these trusts.
How is the Trust Managed After the Estate Owner Dies?
The successor identified by the estate owner gains full control over the trust when the estate owner dies. They manage the trust in any way they prefer. They may sell or use the property as they see fit. They maintain full control over the trust until they die.
However, the successor appointment can be challenged if he or she isn’t the legal spouse of the estate owner. The spouse obtains all rights to the estate owner’s properties and assets upon the death of the estate owner. They may file a dispute to acquire the properties or assets included in the trust.
In New York, estate owners have the opportunity to protect their assets and properties through estate planning. These strategies help the estate owner separate key items from their estate. This reduces the total value of the estate. It could also reduce the amount of time needed for administration and the probate process. Estate owners who need to hire a Trust Administration Attorney Rockland County NY should contact Mark Aberasturi today.
