Trusts Attorneys in Westchester County

With offices in Yonkers & the Bronx

A trust is an entity in which one party, called the trustee, legally holds and manages property transferred to him by the person making the trust, usually called the grantor. Assets in the trust are held and invested or managed for the benefit of one or more beneficiaries, and typically are not part of the grantor's probate estate on death.

A trust can be living, which means it was established during the grantor's lifetime. It can be testamentary, which means it was established in a will and not created until after death.

Westchester County trusts

Revocable trusts are trusts that can be terminated or modified at any time by the grantor for any reason. Irrevocable trusts can be terminated or changed only under extremely limited circumstances. Properly created trusts can maximize the amount of your estate that will flow to your relatives. One of the principal benefits for properly making a gift into an irrevocable trust is that your assets are then protected from claims relating to nursing home expenses or uncovered medical expenses, after a certain amount of time passes.

Westchester County minor’s trusts and special needs trusts

Trusts created for minors and special needs trusts are among the most common types of trusts. A trust for minors or a special needs trust can be created to provide for your minor children or incapacitated adult relatives for their care after you are gone and until they are old enough or healthy enough to care for themselves. A parent can name a trustee to be in control of the finances and to decide whether to sell or keep property and manage assets such as real estate. The trustee is usually a family member or trusted friend who can be paid for their services out of the trust assets.

As experienced Westchester County trusts attorneys skilled in creating trusts and in estate planning, we can explain the consequences of choices you make, such as whether to create a trust on behalf of your children or others should you die and at what age you would like them to receive trust assets. Consulting with experienced Westchester County trusts lawyers like us can avoid costly mistakes and can ensure that your property and assets pass to your children in accordance with your intentions.

Joseph A Marra, a skilled Westchester County trusts lawyer, can assist you with the creation of all types of trusts. Contact him to discuss the advantages of a Westchester County living trust, a Westchester County irrevocable trust, or Westchester County revocable trusts.