Do you have questions about funding a trust in New York and how soon it can be done? During this difficult time, we will always be available to discuss your estate planning needs and prepare any new documents that you require. We will help you make sure that your estate planning documents carry out your healthcare and financial wishes. We are available to help you seven days a week by telephone (716)542-5444, contact form or chat service. Do not hesitate to contact us about any of your other legal needs. Above all, stay safe and healthy.
Get Our Free Probate and Will eBook
Funding a Trust in New York
For a living trust to go into effect, title to the grantor’s assets must be transferred into the trust. Title to bank accounts, stock certificates or real estate owned by the grantor must be transferred into the trust. Creation of the trust alone does not cause the trust to become funded.
A New York resident executed a living trust agreement that simply recited that his house belonged to and had been assigned to the trust. However, at the time of his death; no deed had actually been executed. Assets that are in a living or “inter vivos” trust avoid probate only if they have actually been transferred to the trust.
A deed is required to transfer real estate into a trust. Merely reciting in the trust agreement that assets are being assigned to or are held by the trust is insufficient for transferring them to the trust. Therefore, the NY Appellate Division, First Department ruled that the house is part of the probate estate, rather than part of the trust.
Contact Our Office Today
Are you in planning your estate and in need of living trust? Our experienced Buffalo living trust attorneys can help you preserve your assets, and protect your future.