Trusts Archives - Trusts & Estate Planning — New York State https://trustswillsandestateplanning.net/category/trusts/ New York State trusts & estate planning by Morgan Legal Group Fri, 19 Jun 2026 02:19:30 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.5 https://trustswillsandestateplanning.net/wp-content/uploads/2024/05/Legal-Network-Logo-150x150.png Trusts Archives - Trusts & Estate Planning — New York State https://trustswillsandestateplanning.net/category/trusts/ 32 32 Can You Change or Decant an Irrevocable Trust in New York? https://trustswillsandestateplanning.net/can-you-change-an-irrevocable-trust-in-new-york/ Fri, 19 Jun 2026 02:19:30 +0000 https://trustswillsandestateplanning.net/can-you-change-an-irrevocable-trust-in-new-york/ Yes, in many cases you can change an irrevocable trust in New York, but not in the casual way you might amend a revocable living trust. By definition, an irrevocable trust “generally cannot be amended” by the grantor alone. However, New York law recognizes several legitimate paths to modify, fix, or even move the assets […]

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]]> Do Irrevocable Trusts Save New York Estate Tax? https://trustswillsandestateplanning.net/do-irrevocable-trusts-save-new-york-estate-tax/ Fri, 19 Jun 2026 02:19:30 +0000 https://trustswillsandestateplanning.net/do-irrevocable-trusts-save-new-york-estate-tax/ Yes — a properly structured irrevocable trust can reduce or even eliminate New York estate tax, and that is one of the main reasons people create them. When you transfer assets into a true irrevocable trust and give up control over them, those assets are generally removed from your taxable estate. By contrast, a revocable […]

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]]> How to Choose a Trustee for Your New York Trust https://trustswillsandestateplanning.net/how-to-choose-a-trustee-in-new-york/ Fri, 19 Jun 2026 02:19:30 +0000 https://trustswillsandestateplanning.net/how-to-choose-a-trustee-in-new-york/ To choose a trustee for your New York trust, pick a person or institution who is honest, organized, financially capable, and willing to follow the law’s strict fiduciary rules — because under New York’s Estates, Powers and Trusts Law (EPTL), your trustee must manage trust assets prudently, stay loyal to your beneficiaries, and account for […]

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]]> Protecting Your Assets With a Trust in New York https://trustswillsandestateplanning.net/protecting-your-assets-with-a-trust-in-new-york/ Fri, 19 Jun 2026 02:19:30 +0000 https://trustswillsandestateplanning.net/protecting-your-assets-with-a-trust-in-new-york/ You can protect your assets with a trust in New York by transferring ownership of your property into a legal arrangement — a trust — that is managed by a trustee for the benefit of the people you choose. Depending on the type of trust you create, this strategy can help you avoid probate, keep […]

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]]> Trust Administration After Death in New York https://trustswillsandestateplanning.net/trust-administration-after-death-in-new-york/ Fri, 19 Jun 2026 02:19:30 +0000 https://trustswillsandestateplanning.net/trust-administration-after-death-in-new-york/ When the person who created a trust (the grantor) passes away, the trust does not simply pay itself out. Instead, the successor trustee must step in and carry out a structured legal process called trust administration. In New York, this means gathering and valuing the trust assets, paying the grantor’s final debts and taxes, communicating […]

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]]> What Does a Trustee Do? Fiduciary Duties Under New York Law https://trustswillsandestateplanning.net/what-does-a-trustee-do-fiduciary-duties-in-ny/ Fri, 19 Jun 2026 02:19:30 +0000 https://trustswillsandestateplanning.net/what-does-a-trustee-do-fiduciary-duties-in-ny/ A trustee is the person or institution legally responsible for managing the property held in a trust and distributing it according to the trust’s terms — always acting in the best interests of the beneficiaries, never their own. In New York, a trustee is a fiduciary, which means they are held to the highest standard […]

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