Taking care of your family and protecting what you’ve worked so hard to build is likely a top priority for you. If you’re on the East End of Long Island, New York, understanding the benefits of setting up a trust can be a practical step toward securing your legacy and ensuring your loved ones are provided for in the way you choose.
In this blog, we’ll explore how a trust can help you avoid probate, protect your privacy, plan for unexpected situations, and more. Whether you’re considering working with a trust attorney or just starting to think about Estate Planning, you’ll find insights to help you make informed decisions for your family’s future.
What Is a Trust and How Does It Work?
A trust is a legal arrangement where a trustee manages assets on behalf of beneficiaries. When you establish a trust, you determine how your assets are distributed and under what conditions. There are several types of trusts, including revocable and irrevocable trusts, each serving specific purposes.
In New York, trusts are governed by the New York Estates, Powers, and Trusts Law, which outlines the legal framework for creating and administering trusts. This flexibility allows you to tailor the trust to meet your goals while complying with state law.
Benefits of Creating a Trust in Long Island
1. Avoid Probate
One of the most significant advantages of a trust is avoiding probate, the legal process of validating a will. Probate can be time-consuming, costly, and subject to public scrutiny. Assets placed in a trust bypass this process, enabling a faster and more private transfer to your beneficiaries.
2. Protect Your Privacy
In New York, probate proceedings are public, meaning anyone can access the details of your estate. A trust, however, keeps these matters private, shielding your family’s financial affairs from public disclosure.
3. Plan for Incapacity
A trust allows you to plan for the unexpected. If you become unable to manage your financial affairs, a successor trustee can step in to handle your assets without court intervention. This can bring peace of mind to you and your family during challenging times.
4. Reduce Estate Taxes
While New York imposes an estate tax on estates exceeding $7.16 million in 2025, careful trust planning can minimize or eliminate these taxes. Certain types of trusts, such as Credit Shelter Trusts, are specifically designed to reduce tax liabilities.
5. Control Asset Distribution
A trust gives you control over when and how your beneficiaries receive their inheritance. You can establish specific conditions, such as reaching a certain age or completing educational milestones, ensuring your assets are used responsibly.
6. Protect Assets from Creditors
Irrevocable Trusts offer robust asset protection. Once assets are placed in an Irrevocable Trust, they are no longer considered part of your estate, making them inaccessible to creditors in most cases.
Types of Trusts You May Consider
Revocable Trusts
A revocable trust allows you to retain control of your assets during your lifetime while making it easier to manage and distribute them after your death. You can amend or revoke the trust at any time, providing flexibility.
Irrevocable Trusts
Once established, these trusts cannot be altered without the beneficiaries’ consent. Irrevocable trusts are often used for tax planning, Medicaid Planning, and asset protection.
Special Needs Trusts
If you have a loved one with disabilities, a special needs trust can provide for their care without jeopardizing eligibility for government benefits.
Charitable Trusts
These trusts allow you to support causes you care about while receiving potential tax benefits. Charitable Trusts can be structured to provide income to beneficiaries before the remaining assets are donated to charity.
Steps to Establish a Trust in Long Island, New York
Creating a trust involves several key steps. While this blog provides a general overview, working with a qualified trust attorney ensures compliance with New York law and addresses your specific needs.
1. Identify Your Goals
Consider what you hope to achieve with the trust, such as avoiding probate, reducing taxes, or protecting beneficiaries.
2. Choose the Right Type of Trust
Different trusts serve different purposes. Evaluate which type aligns with your goals and circumstances.
3. Select a Trustee
Decide who will manage the trust. This could be a trusted individual or a professional trustee, depending on the complexity of the trust.
4. Draft the Trust Document
The trust document outlines the terms, including the assets to be included, the beneficiaries, and any conditions for distribution.
5. Fund the Trust
Transferring assets into the trust is a critical step. Without funding, the trust is essentially a shell and cannot serve its intended purpose.
When Is the Right Time to Set Up a Trust?
Many people mistakenly believe trusts are only for the wealthy. In reality, anyone with assets to protect or specific wishes for their estate can benefit from establishing a trust. The earlier you create a trust, the more flexibility you have to adjust it as circumstances change.
Setting up a trust in Long Island, New York, is a powerful step toward safeguarding your family’s future. By providing control, flexibility, and privacy, a trust allows you to manage your assets according to your wishes. If you’re ready to explore how a trust can support your estate planning goals, consulting an estate planning attorney in New York can guide you through the process to make sure your plan is legally sound.
Protect Your Legacy with Sheryll Law
Are you considering the benefits of setting up a trust to protect your family’s future? The trusted Estate Planning team at Sheryll Law, P.C. on the East End of Long Island is here to guide you every step of the way. Serving Riverhead, NY, and the surrounding areas, we offer personalized trust and Estate Planning services designed to meet your unique needs.
Whether you’re looking to create a trust to avoid probate, safeguard your assets, or plan for unexpected life changes, our knowledgeable attorneys will work closely with you to develop a plan that aligns with your goals. If you’ve been searching online for a “trust attorney” or “trust attorney near me,” Sheryll Law will provide the legal guidance you need.
Call us at (631) 506-8440 or fill out our confidential online form to schedule your consultation. Secure your peace of mind today—protect your legacy with Sheryll Law.
Copyright © 2025. Sheryll Law, P.C. All rights reserved.
The information in this blog post (“post”) is provided for general informational purposes only and may not reflect the current law in your jurisdiction. No information in this post should be construed as legal advice from the individual author or the law firm, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting based on any information included in or accessible through this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country, or other appropriate licensing jurisdiction.
Sheryll Law, P.C.
633 East Main Street, Suite 2
Riverhead, New York 11901
(631) 506-8440
https://sheryll-law.com/
