Revocable Trust for Individual with Spouse or Partner: Separate Share Trusts for Children (New York)

This legal template is likely a document that can be used in the context of estate planning in the state of New York. Specifically, it pertains to the creation of a revocable trust for an individual who has a spouse or partner, with the purpose of establishing separate share trusts for their children.

In estate planning, a revocable trust is a legal instrument that allows an individual, known as the settlor or grantor, to transfer their assets to a trust during their lifetime. By doing so, the settlor maintains control over the assets and can make changes or revoke the trust if desired. Upon the settlor's death, the assets within the trust are then distributed to the designated beneficiaries or managed for their benefit by a trustee, as specified by the terms of the trust.

The purpose of this specific template is to provide a framework for the creation of separate share trusts within the revocable trust for the children of the individual and their spouse or partner. By establishing separate share trusts, the settlor can ensure that the assets meant for their children are protected and managed in accordance with their wishes.

New York is mentioned in the description, indicating that the template is tailored to comply with the state's specific requirements and laws regarding trusts and estate planning. It is important to use the template in conjunction with legal advice and in compliance with applicable laws to ensure its validity and effectiveness.