Legal Question in Elder Law in New York

a grantor trust do they need to have separate books for their trust assets and their personal assets?

Asked on 3/24/21, 1:05 pm

1 Answer from Attorneys

Richard Bryan Richard Bryan Attorney PC

Yes. A trust is a legal organization separate and distinct from its grantors or creators. If the grantor does not respect this legal distinction by maintaining books and records for the trust, then the law will similarly not recognize the trust as an independent legal entity.

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Answered on 3/25/21, 8:48 am

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