Trusts are extremely flexible vehicles that individuals and entities can use to achieve a variety of purposes that involve one party holding property on behalf of another party. This practice note will focus on the uses of personal trusts for estate planning in New York. New York has a very well-developed trust law, as you would expect based on its rich history as a center of banking and finance and, of course, its large population of wealthy individuals. This practice note will provide you with a considerable amount of background information on New York trust law to make sure you have a suitable understanding of the legal terrain, and then will delve into a number of practical trust drafting and administration issues. This practice note will be of particular use to (i) junior New York attorneys practicing in the trusts and estates (T & E) field, (ii) more seasoned New York attorneys whose practice is not focused on T & E but who occasionally encounter trusts, and (iii) non-New York T & E lawyers who are interested in what makes New York trust law distinctive.
Ian Weinstock Published in the Practical guidance at Lexis Practice Advisor, "Personal Trusts Under New York Law”
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