How do I set up a living trust?

Setting up a living trust is a critical part of estate planning in New York. The trust allows your assets to be handled after your death and ensures that they are handled according to your wishes. Before you set up a trust, you will need to decide if you want a revocable or an irrevocable trust. A revocable trust allows you to make changes to the trust during your lifetime. An irrevocable trust is set in stone, and cannot be changed once it is set. The next step is to create a trust document. This document should lay out the terms of the trust in detail. This should include who the beneficiaries of the trust will be, what assets will be included, and how the trust will be managed and distributed. You will also need to name a trustee. This is the person who will manage the trust. Make sure that this is someone you trust, who is willing and able to manage your assets according to the terms of the trust. Once the trust document is complete, you will need to sign it and have it notarized. The trust should also be registered with the state. Finally, you will need to transfer your assets into the trust. This must be done according to the terms of the trust document, and you should consult an attorney before you do this. By following these steps, you can set up a living trust in New York and ensure that your assets will be handled according to your wishes after your death.

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How do I set up a living trust?

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