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Most New Yorkers searching for a “trust attorney” do not want a lecture on legal theory — they want to know two things: what will this cost, and how long will it take? This page answers those questions plainly, walks you through how trust and estate planning actually unfolds in New York, and points you to the right tool for your situation. Morgan Legal Group, led by attorney Russel Morgan, Esq., builds estate plans for clients across the entire state — New York City, Long Island, Westchester, the Hudson Valley, and Upstate.
New York trusts are governed by the Estates, Powers and Trusts Law (EPTL), Article 7. Whether a trust is right for you — and which type — depends on your goals, your assets, and your timeline. Let’s make those concrete.
How the Process Works, Step by Step
A well-run estate plan in New York is not a single event; it’s a short sequence. Here is the typical arc and what drives the timeline at each stage.
| Stage | What Happens | Typical Timeline | What Affects Cost |
|---|---|---|---|
| 1. Strategy consultation | Review your assets, family, and goals; choose tools (will, revocable trust, irrevocable trust, SNT) | One meeting | Complexity of your estate |
| 2. Drafting | Attorney prepares the trust instrument and supporting documents | 1–3 weeks | Number and type of documents |
| 3. Signing & execution | Sign with proper witnessing/notarization per New York formalities | One appointment | Usually flat-fee |
| 4. Funding the trust | Retitle accounts, deeds, and assets into the trust’s name | Weeks to a few months | Number of assets, real property |
| 5. Ongoing administration | Trustee manages and, eventually, distributes assets | Years (lifetime + after death) | Trustee duties, accountings |
The single most overlooked step is #4, funding. An unfunded trust is just paper — assets only avoid probate if they are actually retitled into the trust. We cover the mechanics of ongoing management on our trust administration page.
Note on fees: Trustee compensation in New York is not arbitrary. The SCPA and EPTL set out statutory commission schedules for fiduciaries. We can explain how those schedules may apply to your trustee — we never invent figures.
Choosing Your Tool: Trust vs. Will
The first fork in the road is whether you need a trust, a will, or both.
- A will must be probated in the Surrogate’s Court after death. Probate is a public, court-supervised process — the will and its contents become part of the public record.
- A trust avoids probate for the assets it holds and keeps your affairs private. There is no court filing required to pass those assets to your beneficiaries.
For most families the practical payoff of a trust is speed and privacy: assets can pass to heirs without waiting on a court calendar. We break the comparison down in detail on our trust vs. will page, and you can explore the full menu of options under our trusts overview.
The Three Trusts Most New Yorkers Need
Revocable Living Trust — control and probate avoidance
A revocable living trust lets you, the grantor, keep full control: you can amend or revoke it at any time during your life. Its three core benefits are avoiding probate, privacy, and incapacity management — if you become unable to handle your affairs, your named successor trustee steps in without a court guardianship.
One honest caveat clients often misunderstand: a revocable trust does not reduce estate tax. Because you retain control, the assets remain part of your taxable estate. Learn more on our revocable living trust page.
Irrevocable Trust — tax reduction, asset protection, Medicaid
An irrevocable trust generally cannot be amended once established. You give up control in exchange for powerful benefits: estate-tax reduction, asset protection, and Medicaid planning. The critical timeline factor here is the five-year look-back — assets transferred into an irrevocable trust for Medicaid purposes are subject to a 60-month look-back period. That makes early planning essential; this is the one tool where waiting can cost you. See our irrevocable trust page.
Supplemental / Special Needs Trust — protecting benefits
A supplemental (special) needs trust, authorized under EPTL 7-1.12, preserves means-tested benefits like Medicaid and SSI for a disabled beneficiary. Done correctly, the trust supplements a loved one’s quality of life without disqualifying them from essential public benefits. Details are on our special needs trust page.
What Your Trustee Owes Beneficiaries
Whoever serves as trustee takes on real legal duties. Under New York law a trustee must follow the prudent-investor standard (EPTL Article 11-A), honor a duty of loyalty, and satisfy a duty to account to beneficiaries. Choosing the right trustee — and understanding these obligations — is part of the planning conversation, not an afterthought.
The 2026 New York Estate Tax — and the “Cliff”
New York taxes estates separately from the federal government, and the math has a sharp edge.
- 2026 basic exclusion amount: $7,350,000
- The cliff: if your taxable estate exceeds 105% of the exclusion — $7,717,500 — you lose the entire exemption, not just the overage.
That cliff is why high-net-worth New Yorkers plan deliberately. An estate just over the line can owe tax on the whole estate, making strategies like the irrevocable trust meaningfully valuable. This is exactly the situation worth modeling early.
Frequently Asked Questions
How much does a trust cost in New York?
Cost depends on the type of trust and the complexity of your estate — a straightforward revocable trust costs less than a multi-tool plan involving irrevocable trusts and real-property funding. The fairest answer comes from a strategy consultation where we scope the work to your facts. New York’s statutory SCPA/EPTL commission schedules govern trustee compensation separately from drafting fees.
How long does it take to set up a trust?
Drafting typically takes one to three weeks after your strategy meeting. Funding the trust — retitling accounts and deeds — can add weeks to a few months depending on how many assets are involved.
Does a revocable trust save estate tax?
No. Because you keep control and can revoke it, the assets stay in your taxable estate. For estate-tax reduction you generally need an irrevocable trust.
Why does the five-year look-back matter so much?
For Medicaid planning, transfers into an irrevocable trust are counted for 60 months. Planning early — before you need care — is what makes the strategy work.
Do I still need a will if I have a trust?
Usually yes. A “pour-over” will and related documents handle assets that never made it into the trust. We coordinate both; see trust vs. will.
Plan With a New York Trust Attorney
Estate planning rewards the people who start early and choose the right tools. Whether you need a simple revocable trust or a tax-driven irrevocable strategy, attorney Russel Morgan, Esq. and Morgan Legal Group serve clients statewide.
Schedule your 30-minute consultation and get a clear, plain-English plan with real timelines and honest cost expectations.
This page is general information, not legal advice. New York trust law is found in the Estates, Powers and Trusts Law. Estate-tax figures reflect New York State guidance for 2026.
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