Mr. Goodwin is everything you want in an attorney: professional, honest, thorough, and genuinely caring. He always explains things clearly, so I understood exactly what was happening and what to expect next. His attention to detail and persistence really stood out. Looking back, I feel lucky to have found him. He guided me through the whole process expertly, and I deeply appreciate all his hard work. Would definitely recommend him to anyone needing legal help.
If you decide a trust is right for your situation, here are the steps to set one up in New York:
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Find an experienced attorney
Look for an estate planning attorney who deals with drafting customized trusts to meet client goals.
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Meet with the attorney and explain your situation and your goals
Discuss your financial and family situation and explore the benefits that a trust can provide. It can be avoiding probate, managing assets if you become incapacitated, providing for your spouse and children, protecting assets from creditors, and qualifying for Medicaid. The attorney will help you decide on the best trust type and terms.
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Provide relevant information to the attorney
This includes details on your assets, information about potential trustees, beneficiaries, and any specific distribution wishes. The attorney needs this to properly draft the trust.
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Review the trust drafts with your attorney
Go through the document line-by-line to ensure all your wishes are reflected and the trust meets legal requirements. Ask questions if anything is unclear before finalizing.
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Formally execute the trust documents
Following your state’s requirements, formally finalize the trust by signing the documents in front of witnesses and/or a notary public. This legally establishes the trust.
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Transfer ownership of assets to fund the trust
To activate the trust, retitle accounts, property, etc. in the name of the trustee to be owned and managed by the trust. Record and save documentation of asset transfers.
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Notify the trustee of the trust
Let the trustee know the trust exists and let them know where to find it or give them a copy.
Trusts can be extremely useful but they must be properly set up and maintained. We have extensive experience advising New York clients on setting up customized trusts to meet their specific needs.
If you need legal representation, we at the Law Offices of Albert Goodwin are here for you. We are located in Midtown Manhattan in New York City. You can call us at 212-233-1233 or send us an email at [email protected].
About the Author
Albert Goodwin Esq. is a licenced New York attorney with over 17 years of courtroom experience. His extensive knowledge and expertise make him well-qualified to write authoritative articles on a wide range of legal topics. He can be reached at 212-233-1233 or [email protected].
