For Manhattan residents with substantial assets, a revocable living trust is often the centerpiece of an estate plan. It lets you retain full control of your property during life while arranging for a seamless, private transfer at death. Under New York’s Estates, Powers and Trusts Law (EPTL), a properly drafted and funded revocable trust can keep significant wealth out of Surrogate’s Court probate.
What a Revocable Trust Does
A revocable living trust is an agreement in which you, as grantor, transfer assets to a trustee, often yourself, to hold for your benefit during life and for your chosen beneficiaries after death. Because you can amend or revoke it at any time while competent, you give up nothing in terms of control. At death, the successor trustee distributes assets according to the trust terms without court supervision.
Avoiding Probate in Surrogate’s Court
When a New Yorker dies owning assets in their sole name, a will must be admitted to probate in the Surrogate’s Court of the county of domicile, New York County for Manhattan residents, under the Surrogate’s Court Procedure Act (SCPA). Probate makes the will and an inventory part of the public record and can take many months, particularly for large or complex estates. Assets titled in a funded revocable trust pass outside that process entirely.
Funding Is Everything
A trust controls only the assets actually transferred into it. We see expensive failures where a beautifully drafted trust was never funded, leaving the very assets it was meant to protect exposed to probate. For high-net-worth clients this step is involved: re-titling a co-op or condominium, assigning interests in LLCs and partnerships, moving brokerage accounts, and coordinating beneficiary designations. We manage the funding process so the structure actually performs.
Privacy for Significant Wealth
Probate filings are public. For families who value discretion, the privacy of a revocable trust is a meaningful benefit. The terms of distribution, the identity of beneficiaries, and the size of the estate need not become a matter of public record in New York County.
What a Revocable Trust Does Not Do
Because you retain control over a revocable trust, its assets remain part of your taxable estate and generally remain reachable by your creditors. A revocable trust is a probate-avoidance and management tool, not a creditor-protection or transfer-tax device. Clients seeking asset protection should look to irrevocable structures, which we address separately. We also pair every revocable trust with a pour-over will so any asset left outside the trust still passes under your plan.
Incapacity Planning Built In
A revocable trust is also a powerful tool for incapacity. If you become unable to manage your affairs, your successor trustee can step in to manage trust assets without a court guardianship proceeding under SCPA Article 17-A or Mental Hygiene Law Article 81. Paired with a New York statutory durable power of attorney and a health care proxy, the trust completes a comprehensive lifetime plan.
Is a Revocable Trust Right for You?
Not every New Yorker needs a revocable trust, but for those with large, multi-asset, or multi-state estates, the combination of privacy, control, and probate avoidance is compelling. We evaluate your full picture before recommending a structure.
This is general information, not legal advice. Trust drafting and funding under New York law are highly fact-specific. Please consult a licensed New York attorney before creating or funding a trust.
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