Revocable Living Trusts in New York

New York has not adopted the Uniform Trust Code; lifetime trusts are governed by the Estates, Powers and Trusts Law. A lifetime trust must be in writing, signed and acknowledged by the creator (and by at least one trustee if the creator is not the sole trustee), either with the formalities for recording a deed or before two witnesses. A lifetime trust is irrevocable unless it expressly says it is revocable. A revocable trust can be amended or revoked by a signed writing with the same acknowledgment or witnessing (unless the trust says otherwise), or by a will that specifically identifies the trust or provision. Only property transferred to the trust avoids probate.

Non-probate options include: transfer on death deeds for real property, signed before two witnesses, notarized and recorded before death (N.Y. Real Prop. Law § 424); revocable lifetime trusts that expressly say they are revocable (EPTL 7-1.16); automatic passage of one vehicle worth $25,000 or less to a surviving spouse (or children under 21); and voluntary administration for small estates of personal property worth $50,000 or less (SCPA §§ 1301-1303).