When planning your estate, creating a trust is one of the most powerful tools to protect your assets, avoid probate, and provide for loved ones. In Syracuse and throughout New York, trusts are often used alongside wills to create a more comprehensive and flexible estate plan.This guide will help you understand the types of trusts, how they differ from wills, the benefits of setting one up, and what’s involved in managing or funding a trust properly.
Wills vs. Trusts: What’s the Difference?
While both wills and trusts are legal tools used in estate planning, they serve different functions and carry different advantages.
Wills
- Take effect after death
- Must go through probate
- Are part of the public record
- Useful for naming guardians and distributing personal items
Trusts
- Can take effect immediately
- Bypass probate in most cases
- Remain private
- Provide more control and protection for how and when assets are distributed
Many Syracuse residents choose to use both a will and a trust to ensure complete coverage of their estate and avoid court delays or disputes.
Types of Trusts in New York
There are many types of trusts, but most estate plans start with one of these two:
Revocable Living Trust (also called Inter Vivos Trust)
- You maintain full control over the trust while alive
- Can amend or revoke at any time
- Avoids probate upon death
- Useful for organizing assets and naming beneficiaries
Irrevocable Trust
- Cannot be changed or revoked once created (in most cases)
- Removes assets from your estate (helpful for Medicaid planning or tax purposes)
- Offers strong asset protection
Other specialized trusts include:
- Special Needs Trusts (for disabled beneficiaries)
- Testamentary Trusts (established through a will, effective after death)
- Charitable Trusts (benefit a cause while offering tax advantages)
- Pet Trusts (set aside money and care instructions for pets)
Benefits of Creating a Trust
Many people in Syracuse and Central New York choose trusts to:
- Avoid Probate – Assets in a trust transfer directly to beneficiaries
- Maintain Privacy – Trusts aren’t part of the public record like wills
- Plan for Incapacity – A trustee can manage your assets if you become unable
- Control Distribution – Create custom rules for how beneficiaries receive their inheritance
- Protect Assets – Keep assets safe from creditors, lawsuits, or poor decision-making
- Strategic Tax Planning – Irrevocable trusts can help minimize estate taxes or assist with Medicaid eligibility
Managing and Funding Your Trust
Setting up a trust is only the first step—funding it is what makes it functional and legally effective.
Funding a trust means transferring ownership of your assets into the trust. This may include:
- Real estate
- Bank and investment accounts
- Business interests
- Life insurance policies
- Valuable personal property
We help guide you through:
- Proper titling and transfers
- Updating beneficiary designations
- Creating a checklist to ensure nothing is missed
- Keeping your trust current as your life evolves
We also assist with ongoing trust management and trustee selection, helping you assign someone who can manage the trust responsibly when needed.
Do You Need a Trust Attorney in Syracuse, NY?
Trusts are powerful, but they’re not one-size-fits-all. Working with an experienced Syracuse trust and estate attorney ensures that your trust is:
- Compliant with New York State law
- Customized for your goals and family structure
- Aligned with your larger estate plan
Whether you need a basic revocable living trust or want to explore advanced strategies for asset protection or Medicaid planning, we’ll help you build something that works for you now—and later.
Start Your Trust Planning Today
If you’re ready to explore your options or create a trust that protects your legacy, schedule a consultation today.
