Irrevocable Trust Asset Options

Summary

In New York, you can place various assets into an irrevocable trust, such as real estate, cash, stocks, and automobiles. For automobiles, transfer the vehicle title to the trust, ensure the trustee can manage it, and handle maintenance and insurance. To transfer, obtain the trust agreement, complete a DMV title transfer form, provide a bill of sale if needed, and pay fees. Consult a local attorney for detailed guidance.

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New York State
To provide guidance on what items can be placed in an irrevocable trust in New York State:
- Real estate properties
- Cash and bank accounts
- Stocks and bonds
- Business interests
- Life insurance policies
- Personal property (art, jewelry, etc.)
Is there a specific type of asset you have questions about?
Yes
Great, could you please specify which type of asset you have questions about?
Automobile
In New York State, you can place an automobile into an irrevocable trust. Here are some key points:
- The vehicle title must be transferred to the trust.
- Ensure the trustee has the authority to manage and control the automobile.
- The trustee is responsible for the vehicle's maintenance and insurance.
Would you like more details on the transfer process?
Yes
To transfer an automobile into an irrevocable trust in New York State, follow these steps:
- Obtain the trust agreement and ensure it includes the vehicle.
- Complete a title transfer form from the DMV.
- Provide a bill of sale, if applicable.
- Pay the required fees.
Would you like assistance with any specific step in this process?