If you have set up a New York Living Trust, you are probably seeking to avoid probate, as well as name someone to manage your affairs in the event you become incapacitated. After you have set up your Living Trust, it’s important that you take a few follow-up steps so that everything will proceed smoothly upon your incapacitation or death.
One of the main reasons to do a Living Trust is to avoid probate. Therefore, it’s important that you make sure your assets are titled in the name of the Trust, or have beneficiaries listed on transfer on death forms. If you transfer a bank account into your Trust, list the Trust as the new owner.
You may have other liquid assets, such as stocks or bonds, which you wish to transfer into your Trust. It’s important that you let your financial planner or stock broker know about the Trust. He or she should be able to assist you with transferring your assets to the Trust.
One of the most important assets that needs to be transferred into your Trust is real estate. In order to transfer real estate into your Trust, you will need to draw up new deeds which show the property was transferred from you into the name of your Trustees. The deed should be recorded in the county where the real estate is located.
It’s important not to forget out-of-state property, as well as any time shares you own.
Although you or you and a spouse are probably named as Trustee on the Trust, it’s important to let the Successor Trustee know about the Trust and that he or she is named as Successor Trustee. The individual (or professional Trustee) should know where the original Trust is, and may want a copy.
If you are thinking about establishing a Living Trust in New York, call the New York Living Trust Attorneys at Friedman & Ranzenhofer at 716-542-5444. Our attorneys are happy to help you with any questions you may have. Call us today to learn more.