Full control while you are here. A private, court-free transfer when you are not.
How revocable trusts work in New York
Revocable trusts are governed mainly by New York's Estates, Powers and Trusts Law. Under EPTL § 7-1.16, a lifetime trust is irrevocable unless the document says otherwise, so the trust must be drafted to be revocable. While you are competent, you can generally:
- Amend or restate the trust
- Add or remove assets
- Change trustees or beneficiaries
- Revoke the trust entirely
All of this happens without going to court.
The advantages
Avoiding probate
Properly titled assets pass to your beneficiaries under the trust's terms, bypassing probate in Surrogate's Court and its delays, public filings, and costs.
Planning for incapacity
A successor trustee can step in right away if you become incapacitated, which can help avoid a court guardianship.
Privacy
Unlike a will, which becomes public in probate, a trust stays private, protecting your family and financial information.
Lifelong flexibility
You can amend or revoke the trust at any time while competent, without court approval.
Revocable trust or will?
Revocable trust
- Avoids probate for funded assets
- Stays private
- Plans for incapacity without court
Will
- Must go through probate
- Becomes public when filed
- Does not address incapacity on its own
Many plans use both: the trust holds your main assets, and a pour-over will moves anything left outside the trust into it at death.
Funding makes it work
A trust only controls what has been funded into it. Assets left outside may still go through probate. Typical steps in New York include:
- Signing and recording new deeds for real estate
- Retitling bank and investment accounts in the trust's name
- Retitling brokerage assets or naming the trust as beneficiary
- Assigning personal property through a general assignment
We guide you through every step so your assets are titled correctly without disrupting your access or control.
What a revocable trust does not do
- It generally does not reduce estate taxes, because the assets stay in your taxable estate.
- It typically provides no protection from creditors during your life.
- It is not designed for Medicaid or long-term care planning. An irrevocable trust may be the better fit.