Trust Law Attorney Long Island
A trust is a legalarrangement based on the administration of a trust creatoru2019s property andassets by a third party. This third party will be a trustee and will work forthe creator of the trust. How the trust is administered will be based on thegoverning legal agreement between the trust creator and the trustee. There willbe a significant expectation of fiduciary duty to the trustee. A trust can beflexible as well as complicated. There are different types of trusts and eachhave their own individual advantages and disadvantages.The classification of atrust will be based on many different factors. One factor is the revocabilityof a trust. When the trust agreement retains the right of the trust maker withconsent of a third party or unilaterally to revoke the trust and take backassets in the trust; it is a revocable trust. An irrevocable trust does nothave such a stipulation in its agreement.This is a trust put inplace 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 livingtrust. These trusts are popular as a way to avoid probate in the event a trustmaker passes away. All the assets placed in this trust at the time a trustmakeru2019s death will not be required to be part of a probate. A revocable trustis not an effective tool for protecting assets during the trust makeru2019s life.They will continue to be vulnerable to a trust makeru2019s creditors who try to usea court to obtain the assets during a trust makeru2019s lifetime.
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