Legal Question in Wills and Trusts in New York

Re: living trusts

WHILE I KNOW THAT THIS CAN BE DONE YOURSELF, I STRONGLY SUGGEST YOU USE AN ATTORNEY, TO MAKE SURE ALL "Is" ARE DOTTED AND "Ts" CROSSED. I CAN ASSIST YOU AND THE COSTS, EXCEPT FOR THE THE TRUST AGREEMENT, WILL NOT BE MUCH MORE THAN GOING TO A STATIONERY STORE LIKE STAPLES OR OFFICE DEPOT AND GETTING "OFF THE SHELF" FORMS. THE TRUST AGREEMENT I PROPOSE MIGHT BE CONSIDERED "EXPENSIVE", BUT IT MAY SAVE YOU MONEY IN THE LONG RUN, ESPECIALLY SINCE YOU DID NOT PUT VALUES ON YOUR ASSETS (SUCH AS DEATH TAXES, FEDERAL OR STATE). PLUS, MOST STATES REQUIRFE THAT EVEN IF CHILDREN ARE GOING TO BE "DISINHERITED", THEY SHOULD BE NAMED IN DOCUMENTS SO THEY CANNOT COME BACK LATER AND SAY THEY WERE FORGOTTEN OR INADVERTENTLY LEFT OUT. ALSO, I THINK YOU MEAN "REVOCABLE" AND "IRREVOCABLE" TRUSTS, WHICH HAVE A MAJOR DISTINCTION BETWEEN TYPES, AS IT MAY EFFECT DEATH TAXES. AS I HAVE BEEN DOING THESE TYPES OF DOCUMENTS FOR OVER 40 YEARS, FEEL FREE TO CONTACT ME DIRECTLY FOR MORE INFORMATION. THIS IS A RESPONSE TO AN INTERNET QUESTION AND THE REPLY IS NOT INTENDED TO BE LEGAL ADVICE OR AS CREATING AN ATTORNEY-CLIENT RELATIONSHIP.

Re: living trusts

I understand your question and may I suggest that you are being very optimistic in your efforts to do it on your own. This is not a simple area of the law.

1. You indicate that you want to create a trust for your son while you are still present (not deceased). This can be done and is often done. (My mother has one.)

2. I am unclear whether you want the trust to continue after you pass on. If yes, then you need a lawyer for sure. If not, then you can give it a try (but not recommended by me.)

3. You must make sure there was an order of divorce, properly recorded, for the first marriage. Then you must list all of the children and state, in just these words: "I choose to disinherit ___ and _______ who are my natural children and the natural object of my bounty. The reasons are known to them."

4. You must have two witnesses whose signatures are notarized. They may not be mentioned in the will and be over 18 years old.

These are some of the definite requirements that may not be spelled out sufficiently in any form.

It might be best to buy the twelve dollar workbook from a bookstore and choose one of the forms from there. That book will have much better directions.

This is not really a good idea, but that is my best guidence.