Revocable Trust for Single Individual: Separate Share Trusts for Children (New York)

This legal template is a document created specifically for single individuals residing in the state of New York who wish to establish a revocable trust for the purpose of organizing their assets and delineating specific provisions for their children.

The template revolves around the concept of a "separate share trust," meaning that the assets and provisions for each child are individually managed and accounted for within the trust structure. By creating separate share trusts, individuals can ensure that their assets are distributed according to their wishes while maintaining a level of asset protection and flexibility.

The template could cover various essential aspects of the trust, including but not limited to: the identification of the single individual as the trust's grantor and trustee, the naming of the beneficiaries (the individual's children), and the appointment of successor trustees in the event of incapacity, resignation, or death.

Furthermore, the template may address important issues like the distribution of assets held within the trust, provisions for minors or those with special needs, and the terms and conditions under which the trust can be modified or terminated. It may also include provisions relating to tax planning, if applicable, to ensure efficient management of the trust's assets.

Overall, this legal template offers a comprehensive and customizable framework for single individuals in New York who desire to establish a revocable trust solely for the benefit of their children, with the added advantage of separate share trusts for enhanced control and protection of assets.