Trusts & Estates
Strategic Guidance for Trust Planning, Probate & Estate Administration
Trusts and estates planning helps individuals preserve assets, provide for beneficiaries, and establish clear instructions for the management and distribution of property. After a death, careful administration is equally important to protect fiduciaries, honor governing documents, and resolve an estate or trust efficiently.
Abrams Fensterman’s Trusts & Estates attorneys advise individuals, families, executors, administrators, trustees, and beneficiaries in matters involving trust creation, probate, estate administration, fiduciary responsibilities, and contested proceedings.
What Should Individuals and Families Know About Trusts and Estates?
Trusts and estates law addresses how property is planned, managed and transferred during life, during incapacity and after death. Trusts can provide continuing asset management and instructions for beneficiaries, while probate and estate administration establish legal authority to collect assets, address obligations and distribute estate property.
Trusts and estates matters commonly involve:
- Revocable and irrevocable trust planning
- Last Wills and Testaments
- Trust funding and beneficiary designations
- Probate and estate administration
- Trust administration and fiduciary guidance
- Estate and gift-tax considerations
- Will contests, accountings and fiduciary disputes
The appropriate strategy depends on the client’s assets, family relationships, tax considerations, long-term-care objectives and intended beneficiaries. Trusts must be properly drafted, funded and administered, and fiduciaries should understand their legal duties before collecting, managing or distributing property.
Trust Planning
A trust is a legal arrangement through which a trustee manages property for one or more beneficiaries according to written terms. Trusts may be designed for many purposes, including:
- Lifetime asset management
- Privacy and probate avoidance
- Planning for minor or vulnerable beneficiaries
- Asset protection and long-term-care planning
- Estate and gift-tax planning
- Business-succession planning
- Planning for individuals with disabilities
- Controlling the timing and terms of distributions
The legal and tax consequences vary significantly among trust structures. Our attorneys help clients identify their objectives, understand the available options, and prepare documents tailored to their individual circumstances.
Revocable Trusts
A revocable trust generally allows the creator to retain significant control and amend or revoke the arrangement during life, provided they have the required legal capacity. Revocable trusts may assist with ongoing asset management, incapacity planning, and the private transfer of properly titled assets after death.
Irrevocable Trusts
An irrevocable trust generally limits the creator’s ability to modify or reclaim transferred property. Depending upon its purpose and structure, it may be used for estate-tax planning, asset protection, long-term-care planning, or other specialized objectives.
Although “irrevocable” generally reflects a permanent transfer, certain modifications may be permitted depending upon the trust language and applicable law. Our attorneys help clients understand these important considerations before proceeding.
Last Wills & Testaments
A Last Will and Testament directs the distribution of assets governed by the will, nominates an executor, and may establish trusts after death. Proper coordination between wills, trusts, jointly owned property, and beneficiary designations helps avoid unintended results and unnecessary complications.
Probate & Estate Administration
Probate is the Surrogate’s Court process used to establish the validity of a will and authorize an executor to administer an estate. When an individual dies without a valid will, an administration proceeding may be necessary to appoint an administrator.
Estate Administration May Include:
- Surrogate’s Court proceedings
- Identifying, collecting and valuing assets
- Reviewing debts and creditor claims
- Managing estate property
- Tax filings and obligations
- Preparing fiduciary accountings
- Resolving beneficiary disputes
- Distributing assets under a will or intestacy law
- Closing the estate
Our attorneys guide fiduciaries through every stage of the administration process while helping them understand and fulfill their legal responsibilities.
Trust Administration
Trustees must comply with the governing trust instrument, prudently manage assets, maintain appropriate records, communicate with beneficiaries when required, and carry out authorized distributions. Depending upon the trust, administration may also involve tax reporting, accountings, and court proceedings.
Fiduciary Representation
Executors, administrators, and trustees serve as fiduciaries and may be held personally responsible for failing to fulfill their legal obligations. We counsel fiduciaries throughout the administration process while also representing beneficiaries seeking information, accountings, or relief concerning estate or trust administration.
Contested Estates & Trust Litigation
Estate and trust disputes may involve questions regarding will validity, testamentary capacity, undue influence, fiduciary conduct, trust interpretation, ownership of assets, or beneficiary distributions.
Abrams Fensterman represents fiduciaries, beneficiaries, and interested parties in contested Surrogate’s Court proceedings and related litigation. Our multidisciplinary litigation team is equipped to address both the technical estate issues and the strategic complexities that contested matters often require.
Frequently Asked Questions
What is the difference between probate and estate administration?
Probate is the court proceeding used to establish a will’s validity and appoint an executor. Estate administration more broadly refers to collecting assets, addressing debts and taxes, maintaining records, and distributing property. When there is no valid will, an administration proceeding is generally used to appoint an administrator.
Does a trust avoid probate?
Assets properly transferred into a trust during life generally pass according to the trust’s terms rather than through probate. Assets outside the trust may still require probate or administration.
What responsibilities does an executor have?
An executor protects estate assets, addresses valid debts and taxes, maintains appropriate records, and distributes property according to the will and applicable law.
Can a trustee be removed?
Depending on the circumstances, a court may remove a trustee. Whether removal is appropriate depends on the trust terms, applicable law, and available evidence.
What happens if someone dies without a will?
New York intestacy law determines who inherits estate assets, and the Surrogate’s Court appoints an administrator to manage the estate.
Related Trusts, Estate Planning and Elder Law Resources
Speak With a Trusts & Estates Attorney
Whether you are creating a trust, administering an estate, serving as a fiduciary, or involved in an estate or trust dispute, Abrams Fensterman can provide experienced, strategic guidance.
To schedule an initial consultation, please contact us:
Long Island: 516-328-2300
Brooklyn: 718-215-5300
White Plains: 914-607-7010
Rochester: 585-218-9999
Albany: 518-535-9477
