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A trustee is the person or institution legally responsible for managing the assets held in a trust for the benefit of others — and under New York law, that role carries some of the highest legal obligations a person can accept. In short, a trustee holds and administers trust property, makes prudent investment decisions, follows the instructions written into the

The short answer: in New York, a will is a public document that must be filed and probated in the Surrogate’s Court after you die, while a trust is a private arrangement that can pass assets to your loved ones without probate at all. A will only takes effect at death; a trust can manage your property during your lifetime,

When the person who created a trust dies, the successor trustee steps in to manage and ultimately distribute the trust’s assets — and in New York, that process is called trust administration, the private, court-free alternative to probate. Trust administration after death means gathering and valuing the trust property, paying the decedent’s final debts and taxes, keeping accurate records, communicating

If you are wondering whether an irrevocable trust can protect your home and savings from nursing-home costs in New York, the short answer is yes — but only if it is created and funded at least five years before you apply for institutional Medicaid. Under New York’s Estates, Powers and Trusts Law (EPTL) Article 7, assets transferred into a properly

Choosing the right trustee for your New York trust comes down to one practical test: select a person or institution who is trustworthy, financially responsible, organized, impartial toward your beneficiaries, and willing to be held to New York’s strict fiduciary standards under the Estates, Powers and Trusts Law (EPTL). The trustee you name will manage and invest the trust assets,

Yes — a properly drafted and funded irrevocable trust can save New York estate tax, because assets transferred into it are generally removed from your taxable estate. That is the short answer New Yorkers come to us for. The longer answer, which we explore below in a question-and-answer format, is that the savings only materialize when the trust is truly