Summary
In New York, a will is typically not entered into probate court records before a person dies. Probate proceedings generally commence after the persons death to validate the will. As a trustee managing a will and estate, it is recommended to gather all relevant documents, notify beneficiaries, inventory assets, pay debts and taxes, and distribute assets according to the will. When creating a trust, important legal points include determining the type of trust, identifying trustees and beneficiaries, drafting the trust document, and funding the trust. Revocable trusts offer flexibility, while irrevocable trusts provide asset protection. A Miller Trust can help qualify for Medicaid. The sale of real estate in a trust depends on the trust document and probate court instructions. For IRAs in a trust, consider beneficiary designation, RMDs, and trust terms.Full Conversation
what are the recommended steps for an trustee managing a will and estate
As a trustee managing a will and estate in New York, here are some recommended steps:
- Gather Documents: Collect all relevant documents, including the will, death certificate, and financial statements.
- Notify Beneficiaries: Inform all beneficiaries named in the will.
- Inventory Assets: Make a detailed list of all assets and their values.
- Pay Debts and Taxes: Settle any outstanding debts and taxes owed by the estate.
- Distribute Assets: Distribute the remaining assets to the beneficiaries as per the will.
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what are the most important legal points in creating a trust
Creating a trust involves several important legal points:
- Determine the Type of Trust: Decide between revocable or irrevocable trusts.
- Identify the Trustees and Beneficiaries: Choose who will manage the trust and who will benefit from it.
- Draft the Trust Document: Clearly outline the terms, conditions, and assets of the trust.
- Fund the Trust: Transfer ownership of the assets to the trust.
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difference between revocable and irrevocable trust
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- Revocable Trust:
- Can be altered or terminated by the grantor during their lifetime.
- Offers flexibility and control over assets.
- Does not provide protection from creditors.
- Irrevocable Trust:
- Cannot be altered or terminated without the beneficiaries' consent.
- Provides asset protection from creditors.
- May offer tax benefits.
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which type of trust is considered a medicare trust
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A Miller Trust, also known as a Qualified Income Trust, is commonly used in New York and other states to help individuals qualify for Medicaid. This type of trust allows individuals with income above the Medicaid eligibility limit to still qualify by placing the excess income into the trust.
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if real estate is part of a trust which is named by a will, in what time period does the property have to be sold
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In New York, the time period for selling real estate that is part of a trust named by a will can vary. It generally depends on the terms set forth in the trust document and the will, as well as the probate court's instructions. Typically, trustees should act in a timely manner, considering the best interests of the beneficiaries and any debts or taxes that need to be addressed.
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what happens to investments like an ira when part of a trust
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When an IRA is part of a trust in New York, several key points to consider are:
- Beneficiary Designation: The trust must be named as the beneficiary of the IRA.
- Required Minimum Distributions (RMDs): The trust will need to follow specific IRS rules for RMDs.
- Trust Terms: The trust document should clearly outline how the IRA assets will be managed and distributed.
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