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What Is a Family Trust and How Does It Work?

Thu, 23 Jul 2026 14:19:34 GMT

What Is a Family Trust and How Does It Work?

Planning for the future is one of the most important steps you can take to protect your loved ones. A family trust is a valuable estate planning tool that can help safeguard assets, simplify the transfer of property, and provide greater control over how your estate is managed. Whether you want to avoid probate, protect minor children, or preserve family wealth, understanding how a family trust works can help you make informed decisions.

At McGarry & Simon , we provide estate planning services to individuals and families throughout New York City , helping clients create customized plans that reflect their goals and protect their loved ones.

What Is a Family Trust?

A family trust is a legal arrangement in which one person, known as the grantor, transfers assets into a trust for the benefit of designated beneficiaries, who are often family members. The trust is managed by a trustee, who is responsible for administering the assets according to the instructions outlined in the trust document.

Assets commonly placed into a family trust include:

Real estate
Bank accounts
Investments
Business interests
Personal property
Life insurance proceeds, in some cases

The trust establishes clear instructions regarding when and how beneficiaries will receive the assets.

How Does a Family Trust Work?

When creating a family trust, the grantor selects a trustee to manage the trust's assets. Depending on the type of trust, the grantor may serve as the trustee during their lifetime while naming a successor trustee to take over after death or incapacity.

Once assets are transferred into the trust, they are managed according to the trust's terms. Upon the grantor's death or another triggering event, the successor trustee distributes the assets to the beneficiaries without many of the delays associated with probate.

Properly funding the trust by transferring ownership of assets into it is a critical step to ensure the trust functions as intended.

Types of Family Trusts

Several types of trusts may be appropriate depending on your goals.

Revocable Trust

A revocable living trust allows the grantor to modify or revoke the trust during their lifetime. This option offers flexibility while allowing assets to pass outside of probate after death.

Irrevocable Trust

An irrevocable trust generally cannot be changed after it is established without meeting certain legal requirements. These trusts may provide asset protection and potential tax advantages, depending on the circumstances.

Testamentary Trust

A testamentary trust is created through a will and becomes effective after the grantor's death. It may be used to manage assets for minor children or beneficiaries who require ongoing financial oversight.

Benefits of Creating a Family Trust

A family trust offers several potential advantages for individuals and families.

Avoiding Probate

One of the primary benefits is avoiding probate for assets held in the trust. Probate can be time-consuming, public, and costly. A properly funded trust allows assets to transfer directly to beneficiaries according to the trust's instructions.

Protecting Beneficiaries

A trust can help protect beneficiaries by controlling when and how distributions are made. This can be especially useful for:

Minor children
Individuals with disabilities
Beneficiaries who may struggle with financial management
Family members facing creditor concerns

Maintaining Privacy

Unlike wills, which generally become public during probate, trusts often remain private. This helps keep financial information and asset distributions confidential.

Planning for Incapacity

If the grantor becomes unable to manage their affairs, a successor trustee can step in to administer the trust without requiring court-appointed guardianship or conservatorship proceedings.

Who Should Consider a Family Trust?

Family trusts are not only for wealthy individuals. They may benefit people who:

Own a home or other significant assets
Have young children
Own a business
Want to avoid probate
Wish to maintain privacy
Have blended families
Want greater control over how assets are distributed

An estate planning attorney can help determine whether a trust aligns with your financial and family circumstances.

Are Family Trusts the Same as Wills?

Although both trusts and wills are estate planning tools, they serve different purposes.

A will directs how assets should be distributed after death and typically goes through probate. A trust, on the other hand, can manage assets during the grantor's lifetime, provide for incapacity planning, and allow trust-held assets to transfer outside the probate process.

Many comprehensive estate plans include both a will and one or more trusts.

Why Legal Guidance Matters

Creating a trust involves more than simply completing legal documents. The trust must be properly drafted, funded, and coordinated with the rest of your estate plan. Failing to transfer assets into the trust or using incorrect language can prevent the trust from achieving its intended purpose.

An experienced estate planning attorney can help ensure your trust complies with New York law and reflects your wishes.

Contact McGarry & Simon

If you are considering creating a family trust or updating your estate plan, McGarry & Simon can help. We proudly assist individuals and families throughout New York City with personalized estate planning solutions designed to protect their assets and provide peace of mind for future generations.

Estate Planning for Retirees in New York: What Changes After 65?

Mon, 29 Jun 2026 15:03:25 GMT

Estate Planning for Retirees in New York: What Changes After 65?

Growing older often brings new priorities, especially when it comes to protecting your family, finances, and future. Once you reach age 65, retirement, healthcare decisions, and changing financial circumstances can all affect your estate plan. If you live in New York, reviewing your estate planning documents after this milestone can help ensure they continue to reflect your wishes and comply with current state laws.

At McGarry & Simon , we provide legal assistance to individuals and families throughout New York who want to create or update comprehensive estate plans that offer peace of mind.

Why Estate Planning Becomes More Important After 65

Many people create an estate plan years before retirement and never revisit it. However, turning 65 often marks significant life changes that can impact your long-term plans.

Common changes include:

Retirement from full-time employment
Eligibility for Medicare
Changes in income and investments
Becoming a grandparent
Selling or purchasing property
Health concerns requiring future care planning

An estate plan should evolve alongside these changes to continue protecting your interests.

Review Your Will

Your will determines how your assets will be distributed after your death. As your financial situation changes during retirement, your existing will may no longer reflect your intentions.

You may want to update your will if:

You have acquired new assets.
You wish to include grandchildren or other beneficiaries.
A beneficiary has passed away.
Family relationships have changed due to marriage, divorce, or other circumstances.
You want to name a different executor.

Keeping your will current can help minimize confusion and potential disputes among loved ones.

Update Powers of Attorney and Healthcare Documents

As individuals age, planning for possible incapacity becomes increasingly important.

A durable power of attorney allows someone you trust to manage your financial affairs if you become unable to do so.

Similarly, healthcare planning documents such as a health care proxy and living will allow trusted individuals to make medical decisions according to your wishes if you cannot communicate them yourself.

These documents can help avoid delays and unnecessary court involvement during medical emergencies.

Consider Long-Term Care Planning

Healthcare costs often increase during retirement, making long-term care planning an important part of estate planning.

Many retirees explore strategies involving:

Nursing home planning
Medicaid eligibility
Asset protection
Long-term care expenses

Planning ahead may help preserve assets while preparing for future healthcare needs under New York law.

Review Beneficiary Designations

Not every asset passes through your will.

Retirement accounts, life insurance policies, and certain financial accounts are distributed according to the beneficiary designations on file.

If these designations are outdated, your assets may not go to the individuals you intended.

Regularly reviewing beneficiary forms helps ensure they remain consistent with your overall estate plan.

Evaluate Whether a Trust Is Appropriate

Many retirees benefit from incorporating one or more trusts into their estate plan.

Depending on your circumstances, a trust may help:

Avoid probate for certain assets
Protect beneficiaries
Maintain privacy
Simplify asset management
Address tax or long-term care planning objectives

Every family has different goals, making personalized legal guidance especially valuable.

Plan for Family Conversations

Estate planning is not only about legal documents—it is also about preparing your loved ones.

Discussing your wishes with family members can reduce misunderstandings and help everyone understand your intentions regarding healthcare, finances, and asset distribution.

Having these conversations while everyone is healthy can make future transitions much smoother.

Don't Forget Digital Assets

Today's retirees often own valuable digital assets, including:

Online banking accounts
Investment accounts
Social media profiles
Email accounts
Digital photographs and documents

Including instructions for managing digital property can make estate administration significantly easier for your family.

Work with an Estate Planning Attorney

Estate planning after age 65 involves much more than drafting a will. Changes in retirement, healthcare, taxes, and family circumstances often require careful legal planning.

At McGarry & Simon , we provide legal assistance to individuals and families throughout New York by helping them create and update estate plans designed to protect their assets, honor their wishes, and provide confidence for the future. If you are approaching retirement or have already reached this stage of life, working with an experienced estate planning attorney can help ensure your plan continues to meet your needs.

How Long Does Probate Take in New York?

Fri, 01 May 2026 04:00:19 GMT

How Long Does Probate Take in New York?

Probate is the legal process of administering a deceased person’s estate, ensuring that assets are distributed according to their will or New York law. One of the most common questions families have is how long probate will take. While every case is different, understanding the typical timeline and factors involved can help set realistic expectations.

At McGarry & Simon, we provide legal assistance to the New York City public and guide families through the probate process with clarity and care.

What Is Probate in New York?

Probate is the court-supervised process of validating a will, appointing an executor, paying debts and taxes, and distributing remaining assets to beneficiaries. In New York, probate cases are handled by the Surrogate’s Court in the county where the deceased lived.

Typical Probate Timeline in New York

In general, probate in New York can take anywhere from 7 months to over a year . For more complex estates, the process can extend even longer. A straightforward case with no disputes may move more quickly, while others may involve delays.

Here’s a general breakdown:

Filing the petition: A few weeks to gather documents and file with the court
Court approval and appointment of executor: 4–8 weeks, depending on court backlog
Notifying beneficiaries and creditors: Several weeks to a few months
Paying debts and taxes: Varies depending on the estate’s complexity
Distributing assets: Once all obligations are resolved, typically several months later

Factors That Can Affect Probate Length

Several factors can influence how long probate takes in New York:

Estate Complexity
Larger estates with multiple assets, properties, or business interests often take longer to administer.

Will Contests or Disputes
If beneficiaries challenge the validity of a will or disagree over distributions, probate can be significantly delayed.

Creditor Claims
The estate must allow time for creditors to submit claims, which can extend the process.

Court Delays
Surrogate’s Courts in busy areas like New York City may have longer processing times due to case volume.

Tax Issues
If estate taxes are involved or require detailed filings, this can add months to the timeline.

Can Probate Be Faster?

Yes, in certain situations, probate can be shortened:

If the estate qualifies as a small estate , a simplified process may apply
If all beneficiaries cooperate and no disputes arise
If the executor acts promptly and keeps accurate records

Proper planning before death—such as establishing trusts or using beneficiary designations—can also reduce or avoid probate altogether.

What Happens If Probate Is Delayed?

Delays can impact beneficiaries who are waiting for asset distribution. In some cases, assets may be tied up for extended periods, especially if litigation arises. Working with a knowledgeable attorney can help minimize delays and ensure compliance with all legal requirements.

How Legal Guidance Can Help

Navigating probate in New York involves strict deadlines, legal filings, and court procedures. An attorney can assist with:

Filing probate petitions correctly
Communicating with the court and beneficiaries
Managing creditor claims and taxes
Avoiding unnecessary delays or disputes

At McGarry & Simon, we help clients in New York City understand their responsibilities and move through probate as efficiently as possible.

What Types of Assets Can Be Included in a New York Estate Plan?

Tue, 31 Mar 2026 13:59:54 GMT

What Types of Assets Can Be Included in a New York Estate Plan?

Planning for the future involves more than simply deciding who receives your property. A comprehensive estate plan in New York allows you to organize and protect a wide range of assets while ensuring your wishes are honored. Understanding what can be included in your estate plan is an important step toward securing your legacy and providing peace of mind for your loved ones.

At McGarry & Simon, we provide legal assistance to individuals and families throughout New York City who are looking to build thoughtful and effective estate plans.

Real Estate Assets

Real estate is often one of the most valuable components of an estate. This includes primary residences, vacation homes, rental properties, and commercial real estate. In New York, estate planning can help determine how these properties are transferred, whether through a will, trust, or other legal arrangement. Proper planning may also help avoid delays and complications during probate.

Financial Accounts

Bank accounts, savings accounts, and certificates of deposit (CDs) are commonly included in estate plans. Additionally, brokerage accounts and investment portfolios—such as stocks, bonds, and mutual funds—can be structured to pass efficiently to beneficiaries. Many of these accounts allow for beneficiary designations, which can streamline the transfer process.

Retirement Accounts

Retirement assets such as 401(k)s, IRAs, and pensions are essential parts of many estate plans. These accounts typically pass directly to named beneficiaries, making it important to ensure that designations are up to date. Proper coordination with the rest of your estate plan can help avoid unintended consequences or tax complications.

Personal Property

Personal belongings may hold both financial and sentimental value. These can include jewelry, artwork, collectibles, furniture, and family heirlooms. An estate plan allows you to specify who should receive these items, helping to prevent disputes among family members.

Business Interests

If you own a business or have an ownership stake in one, it can be included in your estate plan. Planning for business succession is especially important in New York, where businesses may involve multiple partners or complex ownership structures. An estate plan can outline how ownership will transfer and who will take over operations.

Life Insurance Policies

Life insurance proceeds can play a significant role in supporting beneficiaries after your passing. These policies can provide financial security and may also be used to cover estate-related expenses. Like retirement accounts, life insurance policies typically pass directly to designated beneficiaries.

Digital Assets

In today’s digital age, estate plans often include digital assets such as online accounts, social media profiles, cryptocurrency, and digital files. Including these assets ensures that your digital presence and valuable online holdings are properly managed or transferred according to your wishes.

Intellectual Property

Intellectual property, including copyrights, trademarks, and patents, can also be part of an estate plan. These assets may continue to generate income after your passing, making it important to address how they will be managed and who will benefit from them.

Trust Assets

Assets placed into a trust can include many of the categories listed above. Trusts are commonly used in New York estate planning to manage assets during your lifetime and distribute them after your death, often helping to avoid probate and maintain privacy.

Why Comprehensive Planning Matters

Including all relevant assets in your estate plan helps ensure that nothing is overlooked. A well-structured plan can reduce uncertainty, minimize potential conflicts, and provide clarity for your loved ones. It also allows you to maintain greater control over how your assets are handled.

At McGarry & Simon, we assist New York City residents in developing estate plans tailored to their unique needs and goals.

Can a sibling contest a parent’s will in New York?

Mon, 16 Mar 2026 11:32:46 GMT

Can a sibling contest a parent’s will in New York?

Losing a parent is hard enough. When the will names one sibling as the main heir or leaves another out entirely, tensions can rise quickly. If you believe a parent’s will does not reflect their true wishes, New York law allows you to challenge it in Surrogate’s Court.

Who can file a will contest

Not everyone can contest a will . Under New York law, you must have legal standing. This means you must be someone who would inherit if the will were invalid. Siblings qualify as distributees only if the parent left no surviving spouse and no surviving children or grandchildren.

A sibling may also have standing if named in a prior will and set to receive less under the current one. Timing matters as well. Objections must generally be filed before the will is admitted to probate, by the return date listed on the court citation or within 10 days of completing witness examinations.

Grounds for contesting a will

New York courts recognize several reasons to challenge a will. Common grounds for will contests include:

Lack of mental capacity: The parent did not understand what they owned, who their heirs were or what signing a will meant.
Improper execution: The will was not signed or witnessed according to New York’s legal requirements.
Undue influence: Someone pressured a person in a weakened state to change their wishes.
Fraud: Lies caused the parent to divide property differently than intended.

Each ground requires specific evidence, and courts set a high bar for overturning a properly executed will.

What courts look for

Surrogate’s Court examines evidence closely before invalidating a will. Judges want to see medical records, witness statements and documentation showing the parent could not make decisions freely. Simply feeling hurt or left out is not enough. Courts require proof that something went wrong during the creation of the will or its signing.

How a contest can end

If the court finds the will invalid, it may throw out the entire document or just the problematic parts. The estate would then pass under a prior valid will or, if none exists, under New York’s intestacy rules. These rules divide property among surviving family members based on their relationship to the deceased.

What to weigh before filing

Will contests can take months or years to resolve and may strain family relationships further. Before filing, consider whether the evidence supports your claim and whether the outcome you seek is realistic. When the grounds are strong and the documentation is solid, a contest can be the only way to ensure a parent’s true wishes are honored.

What happens to your digital assets when you die?

Fri, 13 Feb 2026 11:30:56 GMT

What happens to your digital assets when you die?

When you say “estate,” you probably automatically think of a home, bank accounts and personal belongings. But did you know that your social media profiles, email and cryptocurrency are also part of your estate? In New York, specific laws have been established to protect these digital assets after you pass away.

What are digital assets?

Digital assets encompass any online account or electronic record you own. Some common examples are:

Online baking and investment accounts
Digital wallets
Cryptocurrency
Website and domain names
Email and social media accounts
Subscription services and Cloud storage

Without adequate planning, these assets will be permanently inaccessible to your loved ones. Estate planning enables you to decide which digital assets your executor can access and which should remain private, such as social media or personal email accounts.

What does New York law say about accessing a decedent’s digital assets?

New York law allows your executor to manage your digital assets after you die. However, since the law protects your privacy, access levels vary depending on what you authorized in your estate planning documents.

Under New York’s digital asset law , your executor can request what’s called a “catalogue of electronic communications” from email providers and other custodians. This catalogue includes the names and email addresses of people you communicated with, along with the dates and times of those communications. This helps your executor identify creditors, business contacts, or others involved in your estate.

However, your executor cannot read the actual content of your emails, text messages, or private social media messages unless you explicitly grant permission in your will, trust, or power of attorney. This ensures your personal communications remain private unless you choose otherwise.

What steps should you take to protect your digital assets?

Consider taking the following steps to ensure your loved ones can access only those you allow them to:

Listing your online accounts and passwords
Clarifying that you are granting access to digital assets in your will
Assigning legacy contacts on platforms like Google and Facebook
Storing login credentials securely with your estate planning documents

Failing to plan for your digital assets can delay estate administration and may even result in the permanent loss of your valuable or sentimental information.

The importance of planning ahead

Digital assets are now part of everyday life, so it’s crucial not to forget about including them in your estate plan. When you have virtual assets such as cryptocurrency holdings or a large amount of funds in your online bank account, you probably want your loved ones to be able to use them. By planning ahead and seeking legal guidance, your loved ones may receive what is rightfully theirs.

5 key differences between a revocable and an irrevocable trust

Thu, 05 Feb 2026 11:28:39 GMT

5 key differences between a revocable and an irrevocable trust

You’ve worked for years to build your wealth and protect your family’s future. Now you need to choose how to safeguard what you’ve earned. The wrong trust can lead to higher taxes and leave your assets open to creditors or nursing home costs. Thus, knowing the key differences between trust types helps you protect what you leave behind.

Understanding the basics

A revocable trust, also called a living trust, lets you stay in control while you’re alive. You can change who receives your assets, adjust the terms, add or remove property or cancel the trust.

Meanwhile, an irrevocable trust usually can’t be changed after you sign it and put assets into it. You give the trust ownership of those assets and generally can’t take them back without your beneficiaries’ approval. This separates you from the assets and can provide strong protection. These differences lead to five main factors that can affect your financial future.

Five critical differences you need to know

Understanding how these trusts differ helps you match your choice to your goals. Here are the key differences every New York resident should know:

Flexibility: Revocable trusts allow unlimited changes until your death, while irrevocable trusts lock in your decisions permanently.
Asset control: You keep full ownership with revocable trusts, but you must give up legal ownership when you create irrevocable trusts.
Asset protection: Creditors can reach revocable trust assets since you still own them, but irrevocable trusts protect your assets from these claims.
Estate taxes: Irrevocable trusts remove assets from your taxable estate, possibly saving thousands in New York estate taxes, while revocable trusts offer no tax savings.
Medicaid eligibility: Irrevocable trusts can protect assets from nursing home costs after New York’s 60-month waiting period, but revocable trust assets count when you apply for Medicaid.

Each difference has important effects on your estate plan and what your family will receive.

Knowing which is right for you

No single trust fits everyone’s needs. Your age, health, financial goals, and family situation all play a role in determining the right choice . Thus, taking time to explore your options and understand how each trust aligns with your specific circumstances ensures you build an estate plan that truly serves your family’s future.

Can you be sued as an estate executor in New York?

Wed, 21 Jan 2026 21:10:32 GMT

After agreeing to be an executor of your loved one’s estate, you likely saw it as a final act of love. However, this role comes with fiduciary responsibilities you must meet. Under the eyes of New York law, you must act with care and diligence that a prudent person would exercise in managing their own affairs. Committing a mistake could make you liable for losses.

Understanding the breach of fiduciary duty

Fiduciary duty refers to the strict legal obligation to manage a decedent’s estate with loyalty, care and good faith. Failing to uphold this can cause the beneficiaries, heirs or creditors of the estate to sue you for a breach of fiduciary duty. Common pitfalls can include:

Stealing or mismanaging the estate funds
Refusing to communicate or update interested parties
Delaying the estate administration unreasonably
Selling estate assets under market value
Favoring one interested party more than the other

Committing any of these mistakes can make an interested party prove that you are unfit for the role, removing you from your position as executor.

Protecting yourself from errors

Despite the difficulties involved, you still want to honor the wishes of your loved one. Start by being proactive. Here are a few tips you can consider to move forward:

Research laws related to estate administration.
Document all actions you take during the probate process .
Work with professional appraisers to accurately value complex assets.
Never mix estate funds with your own.

Taking the role of executor can be a heavy burden to carry, but you do not have to face this alone. Seeking legal guidance from an attorney can be a valuable resource. They can offer helpful insights on maintaining your fiduciary duty.

What is the New York estate tax “cliff,” and can it be avoided?

Tue, 20 Jan 2026 21:12:22 GMT

In New York, there are many people who have substantial assets that they want to pass along to loved ones after they are gone. This is why it is so important to move forward with comprehensive estate planning strategies. However, there are common missteps people might make because they are not fully aware of the law and the available options.

Estate taxes are a primary concern. While the basic exclusion amount where people can avoid paying an estate tax on what they have inherited is currently at $7.35 million, a testator still must be cognizant of pitfalls that could leave loved ones with an unexpected tax bill. This is when they should know about the New York estate tax “cliff” and how to avoid it.

Estate tax can be unexpected and costly

Under state law, if an estate goes beyond the excluded amount and reaches 105% of its value, then the entire value of the estate can be taxed. Currently, that means that if a person’s estate is worth $7.7 million or more, they will need to pay the estate tax. It can come to a significant amount.

There are, however, ways to avoid the estate tax “cliff.” Among the available options are lifetime gifting, a spousal trust, irrevocable trusts, or so-called “Santa Clauses” by having charitable bequests.

With lifetime gifting, the taxable estate can be reduced. New York does not have a gift tax. It does have a claw back if the gifts were given within three years of the person’s death. Spousal planning would include a bypass trust. After a spouse dies, their assets up to the relevant estate tax exemption would be put in a trust for the survivor to use as needed. The “Santa Clause” will gift the amount that goes beyond the exemption to charity. The tax would then be eliminated, and could be avoided.

Preparing for estate taxes and avoiding them

A critical part of estate planning is understanding the nuance and aspects that people frequently forget. That includes taking steps to make sure heirs will maximize what they retain without needing to worry about massive payouts in estate taxes. For help with considering the available options, it is important to have qualified assistance from experienced professionals who provide experienced representation and personal service.

A testamentary trust might be a key part of an estate plan

Mon, 22 Dec 2025 21:14:44 GMT

In New York, many people view estate planning as either having a will or a trust. The choice is often based on which is deemed better for their situation. The easiest estate planning document to use is a will. However, people with more complicated circumstances could want to establish a trust.

But in some instances, the individual wants a combination of both. A testamentary trust could be useful for people who want to maintain a semblance of control over how assets are distributed. It will also be a protective device over the assets. There are other benefits. But before moving forward with this type of estate plan, it is vital to have help with deciding if it is the wisest option.

How does a testamentary trust work?

The testamentary trust is part of the will. It will go into effect after the person has died and the will has gone through probate. This is an important distinction because many people choose a trust instead of a will specifically to avoid probate.

Still, the testamentary trust gives the testator substantial benefits of both a will and a trust. They can control how the assets will be distributed. If, for example, the heir is under 18 or is not of sufficient maturity to handle the new responsibilities regardless of their age, then the trust can distribute them through a trustee. It can also be used for those who have special needs and even for pets.

The testator will select a trustee to oversee the assets. It should be a person who will adhere to the testator’s objectives and understand their goals. A key part of a testamentary trust is that the testator can update it as needed. It is also easier than a creating a trust.

Experienced advice can help with creating the ideal estate plan

Whether to use a will or trust is up to the individual and how they want to distribute their assets. Myriad factors will be considered as they decide what best suits their needs. A testamentary trust might be beneficial, but it is not necessarily for everyone. For guidance, it is important to have advice from experienced professionals who understand all areas of estate planning .

How to minimize the risk of an estate challenge

Wed, 10 Dec 2025 21:17:54 GMT

As you embark on your estate planning journey, you might find yourself concerned that those close to you will wind up challenging its validity. They might do so because they’re disgruntled with what they’ve received as an inheritance, or they’re made because they’ve been cut out of the asset distribution scheme altogether. Regardless of their justification, their attempts to invalidate your estate plan documentation can put your vision of the future in jeopardy.

How can you reduce the risk of an estate challenge?

Fortunately, there are several steps you can take to reduce the risk of your estate plan being successfully challenged. These include:

Visiting your doctor close in time to your estate plan’s execution so that they can create medical documentation that specifies your mental clarity at the time
Utilizing multiple witnesses during the execution of estate plan documentation so that they can attest to your mental state at the time of your estate plan’s creation
Avoiding over involving the person who is set to inherit the most from you in the estate planning process so that you don’t give the perception of undue influence
Writing down your justifications for why you’re distributing your assets in the way dictated by your estate plan
Using no-contest clauses to dissuade disgruntled heirs from challenging your estate plan documentation
Modifying your estate plan when warranted to do so
Naming an estate executor and trustees upon whom you can depend
Discussing your intentions with your family members

Know how to protect your interests throughout the estate planning process

There’s a lot to think about as you navigate the estate planning process . While that can seem daunting at first, you can break the process down into more manageable pieces. Your estate planning attorney can assist you with this so that you’re making the informed decisions that advance your interests.

Know the custodian’s role in the Uniform Transfers to Minors Act

Fri, 05 Dec 2025 21:19:52 GMT

In New York, many people boil estate planning down to the simplest solution. Namely, that is a will. However, there will be different circumstances and situations that warrant flexibility when crafting a plan. For some, a trust might be a better option. But they can also use the Uniform Transfers to Minors Act (UTMA), which is not a formal trust.

If a person has a minor child or a relative under 18 or 21 who they are concerned about and want to care for, they can establish a trust for them. However, if the person providing the funds and assets dies or becomes incapacitated before the minor becomes an adult, they will need to have a custodian to oversee it. This is a key role, and it is imperative to name a trustworthy person to perform it.

Factors to consider when nominating a custodian

Under New York State law , the custodian will oversee the assets for a specific amount of time. It could be until the minor is 18 or 21. The custodian will control the property, handle the funds, invest it in reasonable ways, and use it to benefit the minor. That can include their education, health care, ensuring they have a safe environment, and distribute funds to their benefit as the custodian sees fit.

The custodian is obligated to maintain records of all steps and transactions they take in overseeing the property. In total, the custodian is expected to protect the interests of the minor even if the minor objects.

The grantor needs to pick someone they believe will focus on the minor and ensure they are adequately cared for. In some cases, there are objectives the grantor wants to be met like enrolling in college. The custodian can be entrusted with ensuring that happens before releasing funds to the minor. Once the minor reaches the predetermined age when they are no longer under the custodian’s care, the assets will transfer to them.

Understand the various factors involved with a trust under UTMA

Using UTMA could protect a minor and establish conditions until they reach adulthood. However, this could be a risk. In some instances, the minor might have technically become an adult, but they are not yet prepared to handle the freedom that accompanies access to a significant amount of money and assets. When weighing options with how to protect minors as part of an estate plan , having professional assistance can give guidance and advice based on the circumstances.