Yes. The trust does not restrict your rights to borrow on assets in any way. For example, you may take out a home equity line of credit on your home held in your living trust.

Having a living trust does not affect your ability to buy and sell assets. The only change necessary is that, when you buy a titled asset (e.g. a car, home, boat), title should be in your name as trustee instead of in your personal name. Assets titled in the name of the trust then are considered a trust asset and will be distributed according to the terms of your trust. If you do not want an asset any longer, you are free to sell it or give it …

The trustee manages the trust but, typically, you will be the trustee. You also may name you and your spouse as co-trustees, or a trusted family member or friend as trustee. Thus, you do not need to give up management or control of your assets. The assets and income of the trust are used for your personal benefit, and for the personal benefit of anyone else you name as beneficiaries.
Appointing a successor trustee is essential if you are the first trustee and the trust will …

Once a written living trust agreement is executed, you transfer your assets from your individual name to your name as trustee of your living trust. For example, instead of your property being held in the name of “Jane Doe,” it now will be held as “Jane Doe, Trustee of the Jane Doe Living Trust.”
You will transfer your bank and investment accounts, certificates of deposit, real estate, investments, etc. into your living trust. To transfer real estate (e.g., your home) to the trust, a deed must be …

Revocable living trusts, sometimes called “living trusts,” have become a popular alternative to a will as a way to pass property to your beneficiaries when you die. If all your assets are placed in the trust, your estate will not need to go through probate to distribute those assets. Instead, they will pass under the terms of the trust you have created. Like a will, the trust is revocable, so you can change or end it at any time.
These trusts are established by a …

In New York, a surviving spouse cannot be disinherited. A surviving spouse is entitled to at least $50,000 or one-third of the decedent spouse’s net estate, whichever is greater. The surviving spouse has a right of election even if the decedent has no Will. The purpose of this rule is to give effect to the testamentary substitutes. Otherwise, a spouse could make gifts with retained power to revoke and invade, and then die intestate, leaving his spouse with a right of election in an estate of zero dollars.

Estate planning focuses on the disposition of your assets after your death, but it can also involve planning for the use of your assets for your care if you become unable to manage your own affairs during your lifetime. When planning your estate, it is easy to make mistakes that sabotage your goals and cause chaos for your family. Below are some of the most common estate planning mistakes and oversights that later can cause chaos for your family. These can be avoided by seeking the guidance of an attorney who specializes in the field of estate planning.