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Home | Wills & Estate Planning | Living Trust | New York Living Trust

Create a New York Living Trust

Living in New York is expensive. Whether you're forking out money for taxis and astronomical rents in Manhattan or facing your yearly tax bill somewhere upstate, New Yorkers are no strangers to spending money. Still, you might never see the biggest tax bill you've earned money to pay. After your death, taxes and probate fees can gouge into the legacy you have built for your family. When planning for your estate's future, last will and testaments alone turn out to be the more expensive option for this simple reason: with these planning devices, you will face what is called probate court and what is known as estate or "death" taxes.

Probate court is what is used by the government to execute a deceased person's estate, to give out the assets to the appropriate heirs. After a person's passing, a will becomes public record, assets are taxed, and lawyers are involved the whole time. This process can take up to three years and cost up to 10% of your total estate. In most states, it is possible to avoid this period through something called a living trust.

While setting up a living trust takes more planning and can be more expensive than a traditional will, it is a very effective estate planning tool. Living trusts can help your heirs avoid certain estate taxes if prepared properly. Additionally, a living trust allows you to hand over management of your assets to someone else if you become unable to manage your assets yourself.

Interesting in forming your living trust? LegalZoom can help. Once you answer an easy-to-follow online questionnaire, LegalZoom will accurately prepare all of the important legal documents for you so you can rest assured your documents are accurate, and adhere to all of New York's state and local guidelines. Form your living trust today!