Trust Administration in New York
Assistance From a New York Estate Planning Attorney
Has your loved one has passed away? We know that this time can be wrought with pressing questions and confusing emotions. Our compassionate New York estate planning lawyers at Korsinsky & Klein, LLP are here to help you deal with the last wishes of your loved one. We have extensive experience in all matters involving elder law, estate planning, and tax law. We can help you navigate the complex process of trust administration and address your concerns during this time.
What is a Trust?
In its simplest definition, a trust is a legal document created by an individual who holds property—called a trustor—and entrusts all or some of the property to one or more persons—called a trustee—under a framework of terms. In some cases, you can name yourself as a trustee of your own trust, which allows you to keep total control of your assets and property in the trust. Trusts can be established under a will or other means of agreement and are typically used to manage and organize assets.
Trusts are useful for a variety of reasons, including:
- Reducing federal or state estate taxes
- Avoiding the complex process of probate
- Speeding up the process of estate distribution
- Avoiding expenses associated with the probate or estate administration process
- Allowing you to control the distribution of your assets and property as you wish and not according to New York intestacy laws
A named trustee usually has the legal duty of collecting the assets of a trust and carrying out the specific directions established in the trust. A trust can specify a number of affairs that a trustee must administer, including:
- Accounting assets or property in a trust
- Distributing funds to beneficiaries
- Filing tax returns on behalf of the trust
- Investing assets of a trust
- Preserving property named in a trust
The Brooklyn Estate Planning Lawyers at Korsinsky & Klein, LLP are Uniquely Equipped to Handle Your Case
The administration of trusts can be extremely complex. Because trust administration can often overlap with tax laws and tax accounting rules, it is imperative to enlist the help of a skilled attorney. We are highly knowledgeable in all areas of estate planning and elder law, and our legal team includes a skilled Certified Public Accountant. Our intimate knowledge of New York’s laws serves as immeasurable benefit to our clients. We also assist clients who are dealing with trust administration in the states of New York and New Jersey.
We encourage you to sign up for a case evaluation with Korsinsky & Klein, LLP. We offer legal assistance in a wide range of elder law, tax law and probate matters. Contact us online or call 212-495-8133 today to determine how our firm can be of assistance to you and your family in New York.