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We do not recommend a Living trust for many clients. It is an unnecessary expense that often proves to be a financially cumbersome chore. For the right situation, we find that it is much more suitable than a power of attorney. However, a living trust is typically freely revocable and amendable by the person who creates it during life. The trust can contain explicit instructions to take care of oneself during life, and can also be drafted to continue after death. The trust can contain within it most of the estate planning provisions normally found in a will. The trust should appoint a co-trustee or successor trustee. Under New York law, one may now serve as the sole trustee of a living trust.
BASIC ESTATE PLANNING DOCUMENTS