Revocable Living Trust Lawyers in Astoria

Looking Out for Your Beneficiaries

Everyone should draft a Last Will and Testament to ensure their assets are passed on to their intended beneficiaries. However, it’s important to understand that a will only takes effect after death—at which point it enters probate court for validation, debt settlement, and asset distribution.

Did you know there are ways to distribute assets to your beneficiaries before death?

By creating a revocable living trust, you can maintain control over your assets during your lifetime and decide how and when they are distributed. You can update the terms of the trust at any time, including changing beneficiaries, giving you greater flexibility and control during your life—not just after you’re gone.

If you’re considering adding a revocable living trust to your estate plan, the attorneys at Ortiz & Ortiz, LLP are available to assist. Our team proudly serves clients in Astoria, NY and across the five boroughs.

What Are the Different Types of Living Trusts?

Just as there are many kinds of trusts, there are also several types of living trusts available in New York.

A revocable living trust allows the grantor (the trust’s creator) to retain full control of the trust while alive. As trustee, the grantor can manage assets and revise the trust’s terms at will. However, this kind of trust does not provide the same protections against estate taxes or creditors as an irrevocable trust.

An irrevocable living trust appoints someone other than the grantor as trustee. Once executed, the grantor no longer controls the trust. Assets in an irrevocable trust legally belong to the beneficiaries, which can help shield them from estate taxes and creditors. However, this also means those assets are no longer accessible to the grantor.

What Assets Commonly Go into Revocable Living Trusts?

To function properly, a living trust must be funded—meaning assets must be transferred into it. Common assets placed in a revocable trust include:

• Financial accounts (checking, savings, stocks, bonds, annuities)
• Life insurance policies
• High-value personal items (jewelry, heirlooms, collectibles, art)
• Real estate (homes, commercial properties, out-of-state property)
• Safe-deposit box contents
• Valuable vehicles, especially rare or collectible models

Assets typically not included in a trust:

• Active bank accounts used for daily expenses
• Health savings accounts (HSAs)
• Retirement accounts (401(k), IRA)
• Standard vehicles with no collectible value

Does a Living Trust Go Through Probate in New York?

No. One of the key advantages of a living trust is that it allows assets to bypass probate after the grantor’s death.

This means beneficiaries receive their inheritance more quickly, without the delays and expenses often associated with New York probate court—which can take months or even over a year in some cases. Avoiding probate can simplify the estate administration process and reduce legal costs.

Contact the Revocable Living Trust Attorneys at Ortiz & Ortiz, LLP

Creating a comprehensive estate plan requires careful attention to legal details. To ensure your living trust complies with New York law and serves your goals, it’s wise to consult with an experienced estate planning attorney.

Ortiz & Ortiz, LLP has decades of experience serving clients in Astoria and throughout New York City. We are committed to helping you safeguard your assets and ensure your wishes are honored.

If you have questions about revocable living trusts or other estate planning tools, contact us today at 916-796-1858 to schedule a consultation