PUBLISHED ON: September 10, 2023
New York’s elderly population is expanding, with individuals living longer in the aging Baby Boomer generation. This growth has led to more people suffering health and incapacity incidents, more deaths and an increased workload for New York Surrogate’s Courts. This comes as the metro area courts have not recovered from increased caseloads and delays created by COVID-19 shutdowns.
Because of this, revocable living trusts have become more appealing to advisors and their clients. Revocable trusts have been used in New York State for decades because of their many advantages. The assets titled in the trust can escape court intervention because the trustee of the trust maintains legal control of the assets after the grantor dies.
A revocable trust also enables the swift transfer of control over assets for elderly clients when failing health or incapacity cause individuals to require help in managing their assets. Revocable trusts may provide other benefits including facilitating the transfer of a decedent’s real property located outside of New York, avoiding estate litigation, and avoiding the consequences of delays in a Surrogate’s Court proceeding.
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