Astoria Trusts Attorneys

Astoria NY Lawyers Helping Clients Plan for the Future with the Creation of Trusts

Creating a trust allows New Yorkers to protect and manage their assets for intended beneficiaries, while avoiding probate court and potentially reducing estate taxes. There are several types of trusts available in New York, each with its own benefits and limitations. Choosing the right one depends on your specific estate planning goals.

For example, irrevocable trusts (often called living trusts) allow you to manage and distribute assets during your lifetime. This lets you witness the benefits to your loved ones firsthand. However, because you are still considered the owner of the trust property, these assets may not be shielded from estate taxes or creditor claims.

On the other hand, revocable trusts transfer ownership of the trust’s assets to beneficiaries and appoint a trustee to oversee them. These assets can be distributed immediately or after a triggering event—like your death or a beneficiary’s marriage. Because the assets belong to the beneficiaries, they may be protected from estate taxes and creditors. However, you typically cannot change the trust terms without the consent of all beneficiaries.

Who Can Serve as Trustee?

A trustee has a fiduciary duty to act in the best interests of the trust and its beneficiaries. Their responsibilities include managing trust assets and carrying out distributions according to the terms of the trust. If a trustee is found to be negligent or acting in bad faith, they may be legally removed.

Anyone legally able to create a trust in New York can also serve as a trustee. When choosing a trustee, it’s important to select someone trustworthy and capable of handling the responsibilities. Often, it’s helpful to choose someone who resides in the same state for practical reasons.

A trustee might be a spouse, parent, adult child, sibling, trusted friend, or even a professional like a financial advisor or estate planning lawyer. Ortiz & Ortiz, LLP helps clients in Astoria choose trustees who fit their unique circumstances and estate planning needs.

Can a Trust Be Contested?

Yes. Trusts can be challenged through estate litigation. This includes disputes over the validity of trust documents, claims of undue influence, breach of fiduciary duty by a trustee, or other conflicts involving beneficiaries or family members.

If you suspect wrongdoing, mismanagement, or that a trust was improperly created, you have legal options. Ortiz & Ortiz, LLP represents clients in the Astoria area in contested trust matters and other estate-related disputes. Whether you’re a beneficiary, trustee, grantor, or other interested party, we can help you understand your rights and pursue a favorable resolution.

Do You Need a Trust Attorney?

While it’s not required by law to hire a trust attorney in New York, doing so is strongly recommended. An experienced attorney can help you navigate the complex legal requirements involved in creating an effective trust—and avoid costly mistakes that may invalidate it or reduce its effectiveness.

There are many different types of trusts, including:

  • Living trusts
  • Irrevocable life insurance trusts
  • Charitable trusts
  • Spendthrift trusts

Choosing the right type requires careful planning. A knowledgeable estate planning attorney can walk you through your options and help you make decisions that are right for you and your loved ones.

Contact the Trust Lawyers of Ortiz & Ortiz to Discuss Your Estate Plan

Ortiz & Ortiz, LLP proudly serves clients in Astoria and throughout New York City. If you’re considering creating a trust or revisiting your estate plan, our attorneys offer the knowledge and guidance you need to make informed choices.

To speak with a trust lawyer about your goals, call us at 916-796-1858 to schedule a consultation.