When the trustor of a properly funded revocable living trust dies, the trust usually becomes irrevocable, and the successor trustee steps in to carry out its terms. In New York, this means the successor trustee...
Living Trust vs. Probate: How a Funded Trust Reduces Probate Time and Costs
A properly funded living trust keeps your assets out of New York probate, so your beneficiaries can receive them faster, more privately, and without the court costs that come with Surrogate’s Court. In Syracuse, probate...
Should You Be Your Own Trustee? Pros, Cons, and Alternatives
Most people who establish a revocable living trust in Syracuse serve as their own trustee during their lifetime. This arrangement preserves complete control over all trust assets, allowing you to manage investments, real estate, and...
Living Trust vs. Testamentary Trust: Which Is Right for You?
Both living trusts and testamentary trusts are valid estate planning tools, but they differ in one fundamental way: when they are created. A living trust is created and takes effect while you are alive, while...
A living trust must stay current to remain effective. If you skip regular reviews, you risk leaving assets entirely outside the trust. An annual review prevents this by addressing missing assets, outdated provisions, and beneficiary...
Yes, a poorly drafted living trust can be fixed. If the trustor is alive and has legal capacity, they can use an amendment to change a specific provision, or a restatement to rewrite the entire...
