The Bronx and Westchester estate attorney at Rogers & Rogers, Esq., can help draft revocable trusts. Trusts may be either revocable or irrevocable. Revocable trusts are those that may be revoked or changed by the settlor, while irrevocable ones cannot be changed.
How a Revocable Trust Is Executed
In order to be valid, a revocable trust that will distribute the grantor’s property at their death or afterwards has to follow legal requirements just like a Last Will and Testament. You will also have to fund the trust. For instance if you wish to have title to a house handled by the trust then a deed must be prepared executed and filed by which title will pass to the trust.
Presumption of Revocability
In New York, trusts are presumed to be irrevocable unless you expressly state in your trust documents that your living trust is a revocable one, according to N.Y. EPT. LAW § 7-1.16. Thus, if you wish to establish a revocable living trust, your Bronx and Westchester estate attorney will need to include information designating it as such within the document.
How to Revoke or Modify a Revocable Trust with One Settlor
If you created your trust on your own, you may revoke it or change it by using the method you delineated within the original trust document. If you did not include a method that should be used, you may revoke it or change it by using an after-prepared will or codicil that expressly names your revocable trust or that devises property to an intended beneficiary that otherwise would have remained within the trust. These later wills or codicils must be formally executed, acknowledged, and signed in the same manner in which the original trust was created.
How to Revoke or Change a Revocable Trust with More Than One Settlor
If your trust was created by both you and your spouse, or if it was funded by both of you, either spouse may revoke the trust for the portion that would be allocated as community property, but both must sign to change it.
Contact an Bronx and Westchester Estate Attorney
A revocable trust may be a very beneficial estate planning tool for you to use in order to manage and pass your assets to your intended beneficiaries. To schedule a consultation with an estate attorney if you reside in any of the towns in Westchester or the Bronx with Rogers & Rogers, Esq., call us at (718) 994-1640.