Estate Planning Lawyer Long Island

Created/changed by: LawyerLong3

Address details

57 Fritchie Pl, Valley Stream, NY 11580

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Coordinates

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Phone & WWW

516-882-6518
http://www.estateplanningnewyorklawyers.com

Business hours

Open 24 hours

Info

A trust is an entity formed by trust agreement between Grantor (settlor) and trustee. Grantor (also called settlor sometimes) is a person who creates the trust. Please note that the Internal Revenue Code has many complicated rules concerning who is treated as grantor with respect to the trust and, therefore, it is best to contact an income tax specialist or an attorney who can carefully analyze your situation and advise you accordingly.



A trustee is a person who holds the property in trust for the benefit of beneficiaries listed in the trust agreement. A trustee does not own the property for his own benefit (unless he or she is a beneficiary of the trust as well as trustee). Trustees are held accountable for everything that they do with respect to the trust. They owe beneficiaries a duty of loyalty and care. They can never act is self-interest and must always think about the beneficiaries.

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