Q: Creating a trust for NY inheritance while living in RI, seeking legal guidance.
I'm looking to create a new trust to handle an inheritance from New York. I need guidance on setting up the trust and ensuring it aligns with legal requirements in both Rhode Island and New York. I am unsure about the specific type of assets to include and would appreciate advice on suitable trust options.
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A:
To create a trust for your inheritance, you will need to consult with an attorney who can help you navigate both New York and Rhode Island laws. Since you're dealing with an inheritance from New York, it’s important to ensure that the trust complies with New York estate laws, while also taking Rhode Island laws into account, as they may have specific rules about trusts and estate planning. A lawyer can help you decide whether a revocable or irrevocable trust is the best option for your needs, depending on your goals for asset protection, tax considerations, and control over the inheritance.
When setting up the trust, you'll need to determine what assets to include. This may include financial assets, real estate, or other items that make up your inheritance. Your attorney will help you identify what should be transferred into the trust and guide you on the necessary steps to do so.
You should also discuss how the trust will be managed, who will be the trustee, and how beneficiaries will be treated. This will ensure that the trust serves its intended purpose and meets both your wishes and legal requirements in both states. It’s important to get this right to avoid any complications in the future.
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