If you are reading this, you are probably trying to make sense of words like “trust,” “probate,” and “estate tax” for the first time. That is exactly who this page is for. There is no jargon you need to know in advance, and there is no assumption that you have any documents in place. The goal here is simple: explain, in plain English, how estate planning works in New York State so you can make confident decisions about protecting your family, your home, and your savings.
Morgan Legal Group, led by attorney Russel Morgan, Esq., helps families across all of New York — New York City, Long Island, Westchester, the Hudson Valley, and Upstate communities — put the right plan in place. This overview will walk you through the core ideas and point you toward more detailed pages when you are ready to go deeper.
Start With the Basics: What Is an Estate Plan?
Your “estate” is simply everything you own — your home, bank and retirement accounts, investments, and personal belongings. An estate plan is the set of legal documents that decides who receives those assets, who manages them, and who makes decisions for you if you become unable to do so yourself.
For most New York families, an estate plan is built from two foundational tools:
- A will, which directs who inherits your property and names guardians for minor children.
- A trust, which can hold and manage assets during your life and pass them on after death — often without the delays of court.
Understanding how these two tools differ is the single most useful thing a beginner can learn. We cover it in depth on our trust vs. will page, but here is the short version.
Trust vs. Will: The Core Difference
The most important practical distinction comes down to one word: probate.
A will must be filed and validated through the Surrogate’s Court in a process called probate. Probate is public, can take months, and involves court oversight before your heirs receive anything.
A trust, by contrast, generally avoids probate entirely. Assets you transfer into a properly funded trust pass directly to your beneficiaries under the trust’s terms — privately and without waiting on a court calendar.
| Feature | Will | Trust |
|---|---|---|
| Goes through probate? | Yes — Surrogate’s Court | No, if properly funded |
| Public or private? | Public record | Private |
| Helps if you become incapacitated? | No | Yes (a trustee can step in) |
| Names guardians for minor children? | Yes | No |
| Takes effect | At death | Often during your lifetime |
Neither tool is “better.” Many strong New York plans use a will and a trust together. Learn more on our trusts overview page.
How Trusts Work in New York
New York trusts are governed by the Estates, Powers and Trusts Law (EPTL), Article 7. A trust is a legal arrangement where one person (the trustee) holds and manages property for the benefit of others (the beneficiaries), according to written instructions you set.
There are several common types. Choosing among them is where a beginner most benefits from guidance.
Revocable Living Trust
A revocable living trust keeps you fully in control. You can amend it or revoke it at any time while you are alive and competent. Its primary benefits are:
- Avoiding probate, so assets pass privately and promptly.
- Privacy, since the trust is not filed in public court records.
- Incapacity management, because a successor trustee can manage your affairs without a court guardianship if you become ill.
One thing a revocable trust does not do is save estate tax. Because you retain control, the assets remain part of your taxable estate. See our revocable living trust page for details.
Irrevocable Trust
An irrevocable trust generally cannot be amended or revoked once created. In exchange for giving up that control, it can offer powerful benefits:
- Estate-tax reduction, by removing assets from your taxable estate.
- Asset protection from certain future creditors.
- Medicaid planning, to help qualify for long-term care coverage — subject to New York’s five-year look-back period on transfers.
Because the trade-offs are significant, irrevocable trusts deserve careful planning. Our irrevocable trust page explains how they are used.
Supplemental (Special) Needs Trust
A supplemental needs trust (SNT), authorized under EPTL 7-1.12, lets you provide for a disabled loved one without disqualifying them from means-tested benefits like Medicaid and SSI. The trust supplements — rather than replaces — those benefits. See our special needs trust page.
What a Trustee Must Do
Choosing a trustee is one of the most important decisions in your plan, because trustees owe strict fiduciary duties to beneficiaries under New York law. A trustee must:
- Follow the prudent-investor standard when managing trust assets (EPTL Article 11-A).
- Observe the duty of loyalty, always acting in the beneficiaries’ interest — never their own.
- Honor the duty to account, keeping clear records and reporting to beneficiaries.
New York’s SCPA and EPTL also set out commission schedules that govern what trustees and executors may be paid. The administration process — managing and distributing trust assets — is covered on our trust administration page.
New York Estate Tax in 2026: Mind the “Cliff”
New York has its own estate tax, separate from the federal one, and it contains a trap that surprises many families.
For 2026, the basic exclusion amount is $7,350,000. Estates below this figure generally owe no New York estate tax. But New York applies a “cliff” at 105% of the exclusion — $7,717,500. An estate valued over the cliff does not merely lose part of its exemption; it loses the entire exemption, taxing the full estate from the first dollar.
| 2026 New York Estate Tax | Amount |
|---|---|
| Basic exclusion amount | $7,350,000 |
| Cliff threshold (105%) | $7,717,500 |
| Effect of exceeding the cliff | Entire exemption lost |
This is one of the strongest reasons families with growing estates plan early. Tools like the irrevocable trust can help keep an estate below the cliff. Current figures are published by the New York State Department of Taxation and Finance.
Frequently Asked Questions
Do I need a trust if I already have a will?
Possibly. A will alone still goes through Surrogate’s Court probate. If avoiding probate, maintaining privacy, or planning for incapacity matters to you, a trust used alongside your will is often worthwhile.
Does a revocable living trust lower my estate taxes?
No. Because you keep full control of a revocable trust, the assets stay in your taxable estate. Estate-tax reduction generally requires an irrevocable trust.
What is the Medicaid five-year look-back?
When you apply for Medicaid long-term care, New York reviews asset transfers made in the prior five years. Transfers into an irrevocable trust must clear this window to achieve their planning purpose, which is why early action matters.
Can a trust protect a disabled family member’s benefits?
Yes. A supplemental needs trust under EPTL 7-1.12 holds assets for a disabled beneficiary while preserving eligibility for Medicaid and SSI.
Where in New York does Morgan Legal Group help?
We serve clients statewide — including New York City, Long Island, Westchester, the Hudson Valley, and Upstate New York.
Take the First Step
Estate planning feels complicated only until someone explains it clearly. Once you understand the building blocks — wills, trusts, probate, and the New York estate tax — the right plan becomes far easier to picture. Attorney Russel Morgan, Esq., and the team at Morgan Legal Group are ready to help you start.
Schedule a 30-minute consultation to discuss your goals and the best path forward for your family.
Further reading from Morgan Legal Group: how an irrevocable trust works.