Trusts & Estate Planning — New York State

What Does a Trustee Do? Fiduciary Duties Under New York Law

Fri, 19 Jun 2026 02:13:53 +0000

A trustee is the person or institution legally responsible for holding, managing, and distributing the assets you place in a trust — and under New York law, a trustee owes the beneficiaries the highest standard of conduct the law recognizes, known as a fiduciary duty. In plain terms, a trustee must follow the trust’s instructions, […]

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Trust vs. Will in New York: The Key Differences

Fri, 19 Jun 2026 02:13:53 +0000

The single most important difference between a trust and a will in New York is what happens at death: a trust generally avoids probate and keeps your affairs private, while a will must be filed and probated in the Surrogate’s Court, where it becomes a public record. A will only takes effect after you die […]

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Trust Administration After Death in New York

Fri, 19 Jun 2026 02:13:53 +0000

When the person who created a trust dies, the trust does not simply end — it enters a phase called trust administration, in which the successor trustee steps in, marshals the assets, settles debts and taxes, and distributes property to the beneficiaries according to the trust’s terms. In New York, this process is governed by […]

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How to Choose a Trustee for Your New York Trust

Fri, 19 Jun 2026 02:13:52 +0000

To choose a trustee for your New York trust, select a person or institution who is trustworthy, financially competent, impartial, and willing to serve — someone who can faithfully carry out the fiduciary duties imposed by New York’s Estates, Powers and Trusts Law (EPTL), including the prudent-investor standard, the duty of loyalty, and the duty […]

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Do Irrevocable Trusts Save New York Estate Tax?

Fri, 19 Jun 2026 02:13:52 +0000

Yes — a properly structured irrevocable trust can save New York estate tax, because assets you transfer into it are generally removed from your taxable estate. That is the critical difference between the two main planning vehicles in New York: a revocable living trust keeps your assets fully within your control and therefore fully inside […]

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Can You Change or Decant an Irrevocable Trust in New York?

Fri, 19 Jun 2026 02:13:52 +0000

Yes — despite its name, an irrevocable trust in New York is not always set in stone. While the general rule under the New York Estates, Powers and Trusts Law (EPTL) Article 7 is that an irrevocable trust cannot simply be amended or revoked at will, New York gives families several controlled paths to modify […]

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Using a Trust for Foreign Assets in a New York Estate

Mon, 20 Apr 2026 19:48:00 +0000

How New York families use trusts for foreign assets, why immigration status matters, and when to call a separate immigration attorney. Compare the options.

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