What Does a Wills and Trusts Lawyer Actually Do for Your Estate?

When I sit down with clients for the first time, the most common surprise is how many assets they have overlooked. Under New York Estates, Powers and Trusts Law (EPTL) §3-1.1, a testator's estate encompasses all property that can legally pass by will, including real property, personal property, financial accounts, and certain contractual interests. A wills and trusts lawyer systematically catalogs each asset category, determines fair market value, and identifies how each asset is titled, assessing whether it passes through probate or directly to a named beneficiary. This inventory forms the factual backbone of every decision that follows.

New York imposes its own estate tax, with a threshold currently set at $7.16 million for deaths occurring in 2024, which sits well below the federal exemption. This gap means that many New York residents face state-level estate tax liability even when their estate falls beneath the federal threshold. A skilled estate planning attorney maps out potential tax exposure, identifies gifting strategies permitted under IRC §2503, and structures an inheritance plan that aligns with your financial goals and your family's long-term needs. Without this analysis, even a well-intentioned plan can cost beneficiaries significantly more than it should.

New York EPTL §3-2.1 sets out strict execution requirements for a valid will: the document must be signed at the end by the testator, witnessed by at least two individuals who are present at the same time, and the testator must declare the document to be his or her will in their presence. A wills and trusts lawyer ensures that every formality is observed, because a will that fails any of these requirements risks being denied admission to probate. Beyond execution, counsel drafts precise language for asset distribution, names an executor, and addresses contingencies such as simultaneous death or a beneficiary who predeceases the testator.

Not every client needs the same trust, and choosing incorrectly can undermine years of planning. Under NY EPTL §7-1.17, a revocable living trust allows the grantor to retain full control during his or her lifetime while enabling assets to pass to beneficiaries without probate. An irrevocable trust, once established, generally cannot be amended and removes assets from the taxable estate, providing stronger creditor protection and Medicaid planning benefits. A wills and trusts lawyer evaluates which structure best serves your objectives and drafts the trust instrument with the specificity required to avoid future disputes. You can learn more about available structures through our Trusts & Estates practice page.

Under NY EPTL §7-1.18, a trust is funded when assets are transferred to the trustee with the intent to create a trust relationship. For real property, this means recording a new deed that conveys title from the individual owner to the trustee. For financial accounts, it requires working with each institution to retitle the account in the name of the trust. For life insurance policies and retirement accounts, the focus shifts to beneficiary designation forms, since these assets pass outside of probate entirely and are not controlled by the will or trust instrument. A wills and trusts lawyer coordinates each transfer, confirms that every asset is properly documented, and verifies that the trust corpus reflects the client's actual wealth.

Modern estates frequently include closely held business interests and digital assets that require special handling. Transferring a membership interest in a New York LLC to a trust may require review of the operating agreement and member consent under NY LLC Law §603. Similarly, digital assets such as cryptocurrency wallets and online investment accounts must be addressed in compliance with New York's Fiduciary Access to Digital Assets Act. A wills and trusts lawyer experienced in business succession planning addresses these non-traditional asset categories with the same rigor applied to conventional property.

When a decedent leaves a will, that document must be admitted to probate in the Surrogate's Court of the county where the decedent resided, pursuant to NY Surrogate's Court Procedure Act (SCPA) §1401. The court then issues Letters Testamentary to the named executor, authorizing him or her to collect assets, pay debts and taxes, and distribute the estate to beneficiaries. A wills and trusts lawyer prepares and files all required documents, responds to any objections, and guides the executor through each fiduciary duty to minimize personal liability. Our Probate practice page provides additional detail on how this process unfolds in New York courts.

When the grantor of a revocable trust passes away, the trust becomes irrevocable and the successor trustee assumes control. The trustee must locate and review the trust instrument, identify and value all trust assets, notify beneficiaries, pay any outstanding liabilities, and distribute the remaining assets. Unlike probate, trust administration is a private process that proceeds without court supervision, which is one of its primary advantages. However, the trustee remains personally liable for any breach of fiduciary duty, and a wills and trusts lawyer provides the legal oversight needed to ensure that distributions are made correctly.