Linda L. Kordes, Attorney at Law



fountain pen on legal trust documentA trust is a document whereby an individual (grantor) transfers some sort of real or personal property to another (trustee) to hold and manage for the benefit of a third person (beneficiary).

A revocable trust can be terminated and an irrevocable one cannot be terminated.  A trust can be created during the lifetime of the grantor or after his death.
A trust can can be created for many lawful reasons.  The most common purposes are trusts created for tax planning, investment planning and disability and Medicaid planning.  Frequently, the creation of a trust serves several purposes benefiting several people.

Note: This content is based upon the law as it exists today in New York State, and that it is general in nature and not designed to specific situations that may have additional facts not contemplated by the author.

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