Trust

When you accept the role of Trustee, you step into a position of legal authority and serious responsibility. In New York, a Trustee must manage trust property, safeguard beneficiary interests, follow the instructions set forth by the Grantor, and comply with state and federal law. The Surrogate’s Court in New York has authority to review your conduct, and beneficiaries may petition the court if they believe you have failed in your duties. Serving as Trustee is not a symbolic title. It is a …

Trust agreements are a cornerstone of many well-structured estate plans because of the flexibility and control they provide. A trust can manage assets during your lifetime, plan for incapacity, and direct distributions after death, all while offering privacy and administrative efficiency. Even a carefully drafted trust, though, is not a static document. Changes in your personal life, finances, or the law can gradually erode its effectiveness if it is not revisited from time to time. Regular …

A Last Will and Testament often serves as the core of an estate plan, but many individuals find that relying on a Will alone does not provide the level of control or protection they desire. Trusts frequently supplement a traditional estate plan, and one option that offers substantial structure is the testamentary trust. This type of trust takes effect only after death and is established through provisions in a Will. It allows you to incorporate many of the benefits associated with trusts without …

Trusts play a significant role in many estate plans because they allow individuals to manage and distribute property with structure and long-term oversight. When establishing a trust, one of the earliest decisions involves choosing between a revocable trust and an irrevocable trust. A revocable trust can be changed freely during the creator’s lifetime, while an irrevocable trust is designed to remain fixed once it is executed. This permanence offers meaningful planning advantages, but it can …

Selecting the right person to serve as Trustee is one of the most important decisions you will make when creating a trust in New York. While drafting a clear and comprehensive trust agreement is essential, the success of the trust often depends on the integrity and judgment of the Trustee because your Trustee holds a position of great authority and must manage the trust with loyalty, prudence, and fairness. If a Trustee fails to uphold these duties, the consequences can be damaging for the trust …

Trusts are a common addition to the average estate plan, often used for incapacity planning and/or as a quick and easy way to distribute assets after death. When used for these purposes, the choice of Successor Trustee is crucial because this is the person who will take over control of the trust assets if the Grantor (creator of the trust) becomes incapacitated or passes away. In New York, a Successor Trustee steps into a fiduciary position, meaning the Trustee must act in the best interests of …

Creating a trust is a powerful tool for preserving and managing your assets during your life and after your passing. Among the many decisions involved in establishing a trust, deciding how much decision-making power your Trustee should have is one of the most important. While all trusts include instructions, the amount of authority you provide your Trustee can significantly shape how the trust operates. To help you make the right choice for your trust, the Long Island attorneys at Eghrari Wealth …

Being chosen as the Trustee of a trust is both an honor and a responsibility. The Settlor, who created the trust, entrusted you to manage and protect the trust assets and ensure they are distributed according to the trust’s terms. While the role is rewarding, it can also be overwhelming due to the legal and financial duties involved.  To help you succeed in your role as Trustee, the Long Island attorneys at Eghrari Wealth Training Firm offer some essential tips for new Trustees. What …

One reason trusts have become so common within the average estate plan is that there are numerous different types of trusts that are each geared to help achieve a specific estate planning goal. One thing all trusts have in common, however, is the need for a Trustee to administer the trust. If you recently learned that someone named you as the Trustee of a trust, and you have never served as a Trustee, you may be feeling a bit overwhelmed. To help you get started, the Long Island attorneys at …

Most families have at a spendthrift – that person who, for a variety of reasons, simply cannot manage money well. When it comes to estate planning, a spendthrift beneficiary can create quite a problem if you are concerned that passing down a sizeable inheritance would only lead to the money being squandered. Fortunately, there is an estate planning tool that can help. The Long Island attorneys at Eghrari Law Firm explain how a spendthrift trust might fit into your estate plan. What Is a …

When you create a trust, you likely do so with the intention of avoiding the complications and delays often associated with probate. Even a well-crafted trust, however, is not immune to disputes. Understanding the grounds on which a trust can be contested can help you better prepare and ensure that your estate plan reflects your wishes. Toward that end, the Long Island attorneys at Eghrari Law Firm discuss when and how a trust can be contested in New York. On What Grounds Can a Trust Be …

When it comes to creating a comprehensive estate plan, a trust can act as a powerful tool to protect your assets, provide for loved ones, and efficiently transfer wealth across generations. Despite their prevalence and importance, many people remain unfamiliar with the concept of trusts and how they function. To help familiarize you with trusts, the Long Island attorneys at Eghrari Law Firm offer a comprehensive overview of the benefits of including a trust in your estate plan. What Is a …