Trust Law Attorney Long Island
Contact
Address:1129 Northern Boulevard, suite 404C Manhasset, NY 11030
Phone: 516-210-0061
Website URL:
https://www.morganlegalny.com/
About US:
A trust is a legalarrangement based on the administration of a trust creator’s property
andassets by a third party. This third party will be a trustee and will work forthe creator of the
trust. How the trust is administered will be based on thegoverning legal agreement between
the trust creator and the trustee. There willbe a significant expectation of fiduciary duty to the
trustee. A trust can beflexible as well as complicated. There are different types of trusts and
eachhave their own individual advantages and disadvantages.The classification of atrust will
be based on many different factors. One factor is the revocabilityof a trust. When the trust
agreement retains the right of the trust maker withconsent of a third party or unilaterally to
revoke the trust and take backassets in the trust; it is a revocable trust. An irrevocable trust
does nothave such a stipulation in its agreement.This is a trust put inplace 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 livingtrust. These trusts are popular as a way to avoid probate in the
event a trustmaker passes away. All the assets placed in this trust at the time a trustmaker’s
death will not be required to be part of a probate. A revocable trustis 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 usea court to obtain the assets during a trust maker’s lifetime.
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Additional Details
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