Business Description
In New York City, wills are to be written by individuals of 18 years or more. The testator person writing the will must be of sound mind and must sign the will in the presence of two attesting witnesses. Other than a typed will the NYC acknowledges nuncupative (oral) wills which are made by armed forces members while undertaking their naval or military service. The armed force members may also make holographic wills which should strictly be in the testator’s handwriting.
Estate planning helps to eliminate any discrepancies or legal issues that may arise after the death of the testator. Even though it is not compulsory to have a will notarized in NYC, it is highly recommended for one to notarize it. This means it is “self-proving” and can make probate easy and fast. A will must be kept in a safe and easily accessible place.
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.
Revocable Trust. 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.
