Most people researching a trust have the same two questions: how much does it cost and how long does it take? This guide answers those head-on, then walks through the practical mechanics — funding, administration, and the deadlines that trip families up. Everything below is grounded in New York’s Estates, Powers and Trusts Law (EPTL) Article 7, the statute that governs trusts statewide — from Manhattan and Brooklyn to Long Island, Westchester, the Hudson Valley, and Upstate.
For deeper dives, see our Trusts Overview and the dedicated pages linked throughout.
Costs & Timeline at a Glance
| Question | Practical Answer |
|---|---|
| How long to create a trust? | Typically a few weeks from first meeting to signing — driven by your asset complexity, not court schedules. |
| Does a trust go through court? | No. A properly funded trust avoids probate entirely. |
| How long to settle a trust after death? | Often months, not the year-plus a probated will can take in Surrogate’s Court. |
| Biggest hidden delay? | Funding — re-titling assets into the trust. An unfunded trust does nothing. |
| Are trustee commissions fixed? | New York sets commission schedules by statute (EPTL/SCPA); they are not invented per case. |
Frequently Asked Questions
How much does a trust cost in New York?
There is no single price — cost scales with complexity. A straightforward revocable living trust for a couple with a home and investment accounts is far simpler than an irrevocable Medicaid trust with multiple beneficiaries. We do not publish fixed fees here because the honest answer depends on your assets and goals. What we can say plainly: the cost of creating a trust is usually far less than the cost — in time, court fees, and lost privacy — of a contested probate. Book a flat-rate consult to get real numbers for your situation: schedule here.
How long does it take to set up a trust?
For most families, the drafting-to-signing window is a few weeks. The variable is not the law — it’s you: gathering deeds, account statements, and beneficiary decisions. Because a trust does not require court approval to create, you control the timeline. Compare that to a will, which only takes effect at death and must then be probated in the Surrogate’s Court, a public process that can run many months.
What’s the real difference between a revocable and irrevocable trust?
This is the most consequential choice you’ll make.
- Revocable living trust — You keep full control. You can amend or revoke it at any time. Its primary benefits are avoiding probate, privacy, and incapacity management (a successor trustee steps in seamlessly if you become incapacitated). Important caveat: it does not save estate tax, because the assets remain in your taxable estate.
- Irrevocable trust — Generally cannot be amended once signed. You give up control in exchange for powerful benefits: estate-tax reduction, asset protection, and Medicaid planning.
See our side-by-side breakdown on the revocable and irrevocable pages.
What is the Medicaid 5-year look-back, and why does timing matter so much?
If you use an irrevocable trust for Medicaid long-term-care planning, transfers into that trust are subject to a 5-year look-back. Medicaid reviews the five years before your application; assets transferred during that window can trigger a penalty period of ineligibility. The practical lesson is about timeline: the trust only fully protects assets once the five years have run, so the single most expensive mistake is waiting. Planning early is what makes this strategy work. Details on our irrevocable trust page.
How does a trust avoid probate — and is that really faster?
A will is a set of instructions the court must validate; a funded trust already holds title to your assets, so there’s nothing for the court to validate. After death, your successor trustee can begin distributing or managing assets without waiting on a Surrogate’s Court calendar. That’s why trust settlement is typically measured in months, while a probated estate can take a year or more — and stays private, since trust terms are not filed in public court records. Read more on trust vs. will.
What does “funding” a trust mean, and why is it the step people skip?
Funding is re-titling your assets — deeds, bank and brokerage accounts, business interests — into the name of the trust. An unfunded trust is just paper. This is the most common, costliest oversight we see: a beautifully drafted trust that never received the house, so the house still goes through probate. Funding doesn’t add court time; it’s administrative paperwork done up front, and it’s the difference between a trust that works and one that doesn’t.
What are a trustee’s duties — and what happens if they get it wrong?
A New York trustee is a fiduciary held to strict standards:
- Prudent-investor standard under EPTL Article 11-A — invest as a prudent professional would, considering risk and the trust’s purpose.
- Duty of loyalty — act solely in beneficiaries’ interests, never self-deal.
- Duty to account — keep records and report to beneficiaries.
A trustee who breaches these duties can be held personally liable. If you’re serving as trustee or choosing one, our trust administration page explains the obligations in plain English.
Are trustee commissions and fees set by law in New York?
Yes — New York does not leave trustee compensation to guesswork. Commission schedules are fixed by statute under the EPTL and the Surrogate’s Court Procedure Act (SCPA). We won’t quote a specific number here because the rate depends on the trust’s value and the trustee’s role, but the framework is statutory, not arbitrary. This is one reason families often choose a trusted individual plus professional guidance rather than a costly corporate trustee.
Can a trust protect a child with disabilities without disqualifying them from benefits?
Yes — that’s exactly what a Supplemental (Special) Needs Trust does. Under EPTL 7-1.12, an SNT holds assets for a disabled beneficiary in a way that preserves means-tested benefits like Medicaid and SSI. Funds supplement — rather than replace — government support, paying for things benefits don’t cover. Done wrong, an inheritance can wipe out eligibility overnight; done right, it secures a lifetime of care. See our special needs trust page.
Will a trust save me New York estate tax in 2026?
Only an irrevocable trust can. For 2026, New York’s basic exclusion is $7,350,000. The critical trap is the “cliff”: at 105% of the exclusion — $7,717,500 — an estate loses its entire exemption and is taxed from the first dollar. A revocable trust does nothing here, because those assets stay in your taxable estate. Estates near the cliff need proactive planning; review the figures at the NY Department of Taxation and Finance and let us model your exposure.
Ready to get concrete numbers and a realistic timeline for your family? Schedule a consultation with Russel Morgan, Esq. of Morgan Legal Group, serving clients across New York State.
Further reading from Morgan Legal Group: how an irrevocable trust works.