Trust Basics

by: Bonfiglio & Asterita, LLC.
Bonfiglio and Asterita, LLC NY Attorneys at Law
Bonfiglio and Asterita, LLC NJ Attorneys at Law

Trusts are an written arrangement under which one person, called a trustee, holds legal title to property for a beneficiary. You can be the trustee of your own living trust and keep total control over the assets in the trust.

Trusts generally fall within two categories:

  1. Living trusts created during the lifetime of individuals. Living trust, also know as “inter vivos trust,” include:
    Revocable Trust that you (the grantor or settler) create and control during your lifetime. You can revoke or amend the trust as long as you live.
    Irrevocable Trust, in which the grantor relinquishes the right to amend or cancel the trust at a later date.
  2. Testamentary trust created upon the death of an individual through an instrument such as a will.

trusts

Bonfiglio Asterita Law is a well diversified law firm that delivers high quality and creative legal representation to a diverse clientele both in New York and New Jersey. Our Law Office focuses on Real Estate Law, Wills, Trusts, Estates, Business Law, Family Law and Lending Services in New Jersey and New York. Our broad range of practice areas provide clients with a one-stop full service source for all of their legal needs. Our practice areas include real estate, including private and commercial purchases and sales, and we provide mortgage loan closing and settlement services to many lenders in mortgage lending transactions throughout New York and New Jersey.

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