A trustee is the person or institution legally responsible for managing the assets held inside a trust and distributing them according to the trust document — and under New York law, that role carries strict fiduciary duties: the duty of loyalty, the duty to invest prudently, and the duty to account to the beneficiaries. New York trusts are governed primarily
When the grantor of a trust passes away in New York, trust administration is the private, court-free process by which the successor trustee gathers the trust assets, pays the decedent’s debts and taxes, and distributes what remains to the beneficiaries — all under the rules of the New York Estates, Powers and Trusts Law (EPTL) Article 7. Unlike a will,
The short answer most New Yorkers need: choose a revocable living trust when your top priorities are avoiding probate, keeping your affairs private, and managing assets if you become incapacitated — and choose an irrevocable trust when your priorities shift to reducing New York estate tax, protecting assets from creditors, or qualifying for Medicaid long-term care. Both are governed by
Protecting your assets with a trust in New York means using a legal arrangement governed by the Estates, Powers and Trusts Law (EPTL) Article 7 to hold property for the benefit of you and the people you love—while shielding that property from probate, public exposure, creditors, and, in the right circumstances, estate tax and long-term care costs. A trust lets
Yes. A properly drafted and fully funded revocable living trust avoids probate in New York for every asset titled in the name of the trust. When you transfer ownership of your home, bank accounts, and investments into the trust during your lifetime, those assets pass to your beneficiaries under the terms of the trust — privately, immediately, and without ever
Yes — despite the intimidating word “irrevocable,” a New York irrevocable trust is not necessarily set in stone. While the trust generally cannot be casually amended the way a revocable living trust can, New York’s Estates, Powers and Trusts Law (EPTL Article 7) and decades of refined practice offer several innovative, lawful pathways to change, fix, or completely restructure an