Revocable vs. Irrevocable Trust in New York: Which Do You Need?
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 […]
Trust Administration After Death in New York
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) […]
What Does a Trustee Do? Fiduciary Duties Under New York Law
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 […]
Can You Change or Decant an Irrevocable Trust in New York?
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, […]
Does a Living Trust Avoid Probate in New York?
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 — […]
Protecting Your Assets With a Trust in New York
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 […]