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Revocable Living Trusts
A revocable living trust is the foundation of a well-structured estate plan for most New York families. It keeps your estate out of probate, maintains privacy, gives your successor trustee immediate authority to manage and distribute your assets when you pass, and allows you to remain in full control during your lifetime. Unlike a will, a trust takes effect immediately upon funding and does not require court involvement to administer.
Parandian Law drafts, funds, and explains revocable living trusts for New York families, retirees, and business owners. We tailor each trust to the specific family situation, asset profile, and distribution goals of the client rather than using a generic template. Every provision is explained in plain language before the document is signed.
New York has no state income tax advantage to a revocable trust during your lifetime, but the probate avoidance, privacy, and administrative efficiency benefits are significant. For clients with real property, business interests, or blended family situations, a revocable trust is almost always the right foundation for the estate plan.
Revocable Living Trust · Living Trust Attorney New York · Probate Avoidance · Trust Funding · Successor Trustee · Estate Planning White Plains · Westchester Estate Planning Attorney · New York Trust Attorney
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New York revocable living trust framework
Revocable living trusts — the essentials
A revocable living trust is a legal document you create during your lifetime that holds your assets for your benefit while you are alive and distributes them to your named beneficiaries when you pass. You serve as the trustee during your lifetime, meaning you retain full control over all assets in the trust. You can amend or revoke the trust at any time. When you pass, your successor trustee steps in immediately without any court involvement, administers the trust according to your instructions, and distributes assets to your beneficiaries.
For the trust to work as intended it must be funded. Funding means transferring ownership of your assets into the trust during your lifetime. Real property is transferred by deed. Financial accounts are retitled in the name of the trust. Life insurance and retirement accounts are handled through beneficiary designations. An unfunded or partially funded trust does not avoid probate for the assets left outside it. We handle deed transfers for New York real property and provide specific instructions for retitling financial accounts as part of every trust engagement.
Key FACTS
Probate avoidance:
Yes, for all assets held in the trust
Control during lifetime:
Full, you remain trustee
Can be changed or revoked at any time
Successor trustee:
Takes over immediately at death or incapacity
New York transfer tax:
Exempt under EPTL Section 7-1.18
STAR exemption:
Preserved for primary residence in trust
Medicaid protection:
Not provided by revocable trust
Funding required:
Yes, trust must hold assets to be effective
What we handle
Revocable living trust services
Trust drafting, funding, and administration support for New York families and business owners.
Trust drafting and design
Drafting of revocable living trusts tailored to the specific family situation, asset profile, and distribution goals of the client. We address successor trustee selection, per stirpes and per capita distribution, specific bequests, and provisions for minor or disabled beneficiaries. Every provision is explained before signing.
Trust funding and property transfers
Preparation of deeds transferring New York real property into the trust, including compliance with New York’s transfer tax exemption under EPTL Section 7-1.18. We also provide written instructions for retitling financial accounts, updating beneficiary designations, and transferring business interests into the trust.
Pour-over will and ancillary documents
Every revocable trust engagement includes a pour-over will that directs any assets held outside the trust at death into the trust for distribution. We also prepare a certificate of trust for use with financial institutions and other third parties who require proof of the trust without receiving the full document.
Trust amendment and restatement
Drafting of amendments to existing revocable trusts reflecting changes in family circumstances, beneficiaries, successor trustees, or distribution instructions. Where multiple amendments have accumulated, we prepare a full restatement of the trust that consolidates all changes into a single clean document.
How it works
Our revocable living trust process
01
Planning consultation
We review your assets, family situation, and goals, including any real property, business interests, or blended family considerations. We explain the difference between a will-based plan and a trust-based plan and recommend the right approach for your specific circumstances before any drafting begins.
02
Trust drafting
We draft the revocable living trust, pour-over will, and ancillary documents tailored to your situation. You receive a draft to review, and we walk through every provision in plain language so you understand exactly what the document says and why each provision is included.
03
Execution and signing
We coordinate the formal execution of your trust and ancillary documents at our White Plains office, including witness and notarization requirements under New York law. You leave with fully executed originals and a clear record of what you have signed.
04
Trust funding
We prepare the deed transferring your New York real property into the trust and provide written instructions for retitling financial accounts and updating beneficiary designations. A trust that is not funded does not avoid probate. We follow up to confirm funding is completed.
Common questions
Revocable living trusts FAQ
Revocable living trusts FAQ
It depends on your assets and goals. A will alone requires probate in New York, which is a public court process that takes time, costs money, and makes your estate a matter of public record. A revocable living trust avoids probate entirely for all assets held in the trust, keeps your estate private, and gives your successor trustee immediate authority without court involvement. For most New York families with real property or significant assets, a trust-based plan is worth the additional upfront cost. We give you an honest recommendation based on your specific situation rather than a one-size-fits-all answer.
What happens to my home if I put it in a trust?
With a revocable living trust you remain in full control of your home. You can sell it, refinance it, or move out at any time. The property is titled in the trust’s name but you are the trustee and beneficiary during your lifetime. New York exempts transfers into a revocable living trust from transfer tax under EPTL Section 7-1.18, and your STAR exemption is preserved for your primary residence held in trust. We handle the deed transfer as part of the estate plan and file it with the appropriate county clerk.
Who should I name as successor trustee?
Your successor trustee is the person or institution that manages and distributes your trust assets when you pass or become incapacitated. For most clients, a trusted adult child, sibling, or close friend is the first choice, with a professional fiduciary or corporate trustee named as a backup. The right choice depends on the complexity of your estate, the dynamics of your family, and the capabilities of the people you are considering. We discuss successor trustee selection in detail during the planning consultation and explain the responsibilities the role carries under New York law.
Does a revocable trust protect my assets from creditors or Medicaid?
No. A revocable living trust does not provide asset protection from creditors or Medicaid because you retain full control over the assets during your lifetime. For Medicaid planning purposes, assets in a revocable trust are counted as available resources. If asset protection or Medicaid planning is a goal, an irrevocable trust structure is the appropriate tool. We advise on both revocable and irrevocable trust planning and will flag Medicaid considerations during the planning consultation if they are relevant to your situation.
Related services
Often considered alongside Revocable Living Trusts
Ready to protect your family with a living trust?
A revocable living trust is one of the most effective tools available to New York families for avoiding probate, maintaining privacy, and ensuring a smooth transfer of assets. Speak with an attorney about whether it is the right fit for your situation.
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