Revocable Trust for Individual with Spouse or Partner: Simple (New York)

This legal template is designed to create a revocable trust for an individual who is married or in a domestic partnership, residing in the state of New York. A revocable trust is a legal arrangement whereby the individual (known as the grantor or settlor) transfers their assets into a trust, which is managed by a trustee of their choosing.

The purpose of this template is to provide a simple and customizable document that allows the grantor to control the distribution of their assets during their lifetime and after their death. By establishing a revocable trust, the grantor can ensure that their spouse or partner is provided for in the event of their incapacitation or passing, while also maintaining flexibility to make changes to the trust or revoke it entirely if circumstances change.

This template covers various aspects related to the creation and management of the revocable trust, such as designating the grantor's spouse or partner as the primary beneficiary, detailing the powers and duties of the trustee, determining when and how assets are to be distributed to the beneficiaries, and naming alternate beneficiaries in case the spouse or partner predeceases the grantor.

Furthermore, this legal template complies with the specific requirements and regulations of the state of New York. It may include provisions addressing state-specific inheritance laws, taxes, and other considerations that are applicable within the jurisdiction.

While this template provides a simple and straightforward approach to creating a revocable trust, it is important to consult with an attorney or legal professional to ensure that all individual circumstances and legal requirements are adequately addressed.