Most estate-planning websites tell you what a trust is. This page tells you what it costs you in time and money to set one up — and what you get back. At Morgan Legal Group, attorney Russel Morgan, Esq. has guided New York families through this process statewide, from Long Island and New York City to Westchester, the Hudson Valley, and Upstate communities.
Why a Trust (Not Just a Will)?
A will is a public document that must pass through the Surrogate’s Court — a process called probate that can run six months to two years and is visible to anyone who searches court records.
A revocable living trust transfers assets to your beneficiaries outside of court, in weeks rather than months, and keeps your financial affairs private. Under EPTL Article 7, New York trusts are highly flexible instruments that can be written, amended, or revoked to match life changes.
The plain-language comparison is in our trust vs. will guide.
The Four Trust Types — At a Glance
| Trust Type | Changeable? | Primary Purpose | Key NY Law |
|---|---|---|---|
| Revocable Living Trust | Yes — grantor keeps full control | Avoid probate; manage assets during incapacity | EPTL Art. 7 |
| Irrevocable Trust | Generally no | Estate-tax reduction; asset protection | EPTL Art. 7 |
| Medicaid Asset Protection Trust | Generally no | 5-year look-back Medicaid planning | EPTL Art. 7 |
| Supplemental / Special Needs Trust | Varies | Preserve Medicaid & SSI for disabled beneficiary | EPTL 7-1.12 |
Read the full breakdown on our trusts overview page.
What Each Trust Costs You — Time and Attention
Revocable living trust: Drafting typically takes one to three attorney meetings and two to four weeks for a complete plan. The ongoing “cost” is asset funding — transferring titled property (real estate, bank accounts, investments) into the trust. An unfunded trust does not avoid probate. There is no separate state filing fee to create a trust in New York.
Irrevocable trust: Requires deeper planning because amendments are severely restricted after signing. Expect three to six weeks of drafting and review. The real cost is the loss of direct control over transferred assets — weighed against estate-tax savings when your estate approaches the 2026 New York basic exclusion of $7,350,000. Be aware of New York’s cliff rule: estates exceeding 105% of the exclusion ($7,717,500) lose the entire state exemption, not just the overage.
Special needs trust (EPTL 7-1.12): Must be drafted with precision to avoid disqualifying a beneficiary from Medicaid or SSI. Allow four to six weeks and involve the beneficiary’s care coordinator early.
Trustee responsibilities — prudent investment under EPTL Article 11-A, loyalty, and annual accounting to beneficiaries — continue for the life of the trust. Our trust administration page explains what a successor trustee must do after the grantor dies.
Work With a New York Trusts Attorney Statewide
Whether your estate is straightforward or crosses the state exemption cliff, the right document — drafted correctly the first time — saves your family months of court time and thousands in avoidable costs.
Schedule a 30-minute consultation with Russel Morgan, Esq. — no obligation, no office visit required.
Have a question about your estate?
Talk it through with Russel Morgan — free 30-minute consult.
Further reading from Morgan Legal Group: .