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Business name:
Trust Law Attorney
Address:
3 Hillcrest drive
Great Neck, NY 11021
Phone:
516-210-0061
URL:
www.morganlegalny.com
Hours:
24h
Peyment:
cash, all credit cards, check
Description:
A trust is a legal arrangement based on the administration of a trust creator’s property and assets by a
third party. This third party will be a trustee and will work for the creator of the trust. How the trust is
administered will be based on the governing legal agreement between the trust creator and the trustee.
There will be a significant expectation of fiduciary duty to the trustee. A trust can be flexible as well as
complicated. There are different types of trusts and each have their own individual advantages and
disadvantages.
The classification of a trust will be based on many different factors. One factor is the revocability of a
trust. When the trust agreement retains the right of the trust maker with consent of a third party or
unilaterally to revoke the trust and take back assets in the trust; it is a revocable trust. An irrevocable
trust does not have such a stipulation in its agreement.
This is a trust put in place during the lifetime of a trust maker and is designed to be altered, modified or
revoked. Many times a revocable trust is referred to as a living trust. These trusts are popular as a way to
avoid probate in the event a trust maker passes away. All the assets placed in this trust at the time a
trust maker’s death will not be required to be part of a probate. A revocable trust is not an effective tool
for protecting assets during the trust maker’s life. They will continue to be vulnerable to a trust maker’s
creditors who try to use a court to obtain the assets during a trust maker’s lifetime.
Keywords:
Nassau County and Long Island, Guardianship Law Attorney, Elder Law Attorney, Probate Lawyer Will
Preparation Lawyer, Asset Management And Protection, Estate Planning Lawyer, Irrevocable Trust, Living
Will Lawyer, Trust Law Attorney, Last Will And Testament Lawyer, Great Neck, NY
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Social link:
https://www.facebook.com/Trust-Law-Attorney-240161216549331/
https://twitter.com/AttorneyTrust