New York Wills & Trusts — Drafting, Administration, and Litigation
Wills and trusts are the two foundational instruments of estate planning. A will directs disposition of probate assets through Surrogate's Court; a trust holds assets outside probate under terms you specify. Our attorneys draft, administer, and litigate both — choosing the right instrument depends on family structure, asset complexity, and privacy preferences.
Last Will and Testament
A will is the foundation of most estate plans. It specifies who inherits your assets, names an executor to administer your estate, and — crucially for parents — names a guardian for minor children. In New York, a valid will must be signed in the presence of two witnesses.
- Designate beneficiaries for all your assets
- Name an executor to manage your estate
- Appoint a guardian for minor children
- Specify funeral and burial wishes
- Create testamentary trusts for minor or special needs beneficiaries
- Minimize family disputes with clear, unambiguous language
Revocable Living Trusts
A revocable living trust is a powerful alternative (or complement) to a will. Assets held in a trust avoid probate entirely, passing directly to beneficiaries without court involvement. You maintain full control of trust assets during your lifetime and can modify or revoke the trust at any time.
- Avoid probate — assets pass directly to beneficiaries
- Maintain privacy — trusts are not public record
- Provide for management of assets if you become incapacitated
- Coordinate assets across multiple states
- Allow for flexible distribution to beneficiaries over time
Irrevocable Trusts
Irrevocable trusts offer significant tax and asset protection benefits that revocable trusts cannot provide. Once established, these trusts generally cannot be modified, but they remove assets from your taxable estate and can protect them from creditors.
- Irrevocable Life Insurance Trust (ILIT) — removes life insurance from taxable estate
- Supplemental Needs Trust — preserves benefits for disabled beneficiaries
- Medicaid Asset Protection Trust — protects home and savings from Medicaid
- Charitable Remainder Trust — provides income while benefiting charity
- Qualified Personal Residence Trust (QPRT) — transfers home at reduced gift tax value
Trust Administration
When a trust creator (grantor) passes away, the successor trustee must administer the trust according to its terms. This involves notifying beneficiaries, inventorying assets, paying debts, filing tax returns, and distributing assets. We provide comprehensive trust administration services to ensure this process runs smoothly.
Frequently Asked Questions
What's the difference between a will and a trust?
A will takes effect at death and goes through probate. A trust takes effect immediately (or at death for testamentary trusts) and can avoid probate. Trusts offer more privacy, flexibility, and control, but require more upfront work to fund properly. Many estate plans include both.
How do I fund a trust?
Funding a trust means transferring ownership of your assets into the trust. This includes retitling real estate, bank accounts, and investment accounts in the trust's name, and updating beneficiary designations. An unfunded trust provides no benefit — we guide you through the funding process.
Can I change my will or trust after it's created?
Yes. A will can be changed at any time by creating a new will or a codicil (amendment). A revocable living trust can also be modified or revoked at any time while you're alive and competent. We recommend reviewing your estate plan every 3–5 years or after major life changes.
Discuss Your Wills and Trusts Matter
Speak directly with Alan Vaitzman, Esq. about your situation. Free consultation, transparent flat-fee pricing where applicable.
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