What kinds of trusts does New York recognize?

Among others: revocable and irrevocable lifetime trusts (EPTL 7-1.16, 7-1.17), trusts created by will, supplemental needs trusts for a beneficiary with a disability, trusts whose income interest cannot be transferred by default (EPTL 7-1.5), charitable trusts, and a trust for the care of a pet (EPTL 7-8.1).

Is a New York trust revocable or irrevocable by default?

Irrevocable. A New York lifetime trust is irrevocable unless it expressly provides that it is revocable (EPTL 7-1.16); an irrevocable trust can be revoked or amended only with the written, acknowledged consent of everyone beneficially interested (EPTL 7-1.9).

Types of Trusts in New York

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Common types of Trusts in New York

Revocable living Trust

Created during life and changeable anytime; commonly used to avoid probate and plan for incapacity. You keep control — so it is not asset protection.

Irrevocable Trust

Generally can't be changed or revoked once created; you give up control in exchange for benefits some irrevocable Trusts can offer, such as certain tax or planning goals. Fact-specific — for an attorney to design.

Testamentary Trust

Created by your will and funded only after death, through probate. Useful for leaving assets to minors or in stages.

Special needs (supplemental needs) Trust

Holds assets for a beneficiary with disabilities without disrupting needs-based public benefits like Medicaid or SSI, when properly drafted.

Spendthrift Trust

Includes a spendthrift provision that restrains a beneficiary's ability to transfer their interest and limits some creditors' reach (EPTL 7-1.5), within limits.

Charitable Trust

Benefits a charitable purpose; certain forms can combine giving with income or tax planning. Design and compliance are an attorney/advisor matter.

Trust for a pet

A New York statutory trust for the care of a designated domestic or pet animal (EPTL 7-8.1); it ends when the animals it covers are no longer alive, a person named in it or appointed by the court may enforce it, and the court may reduce property that substantially exceeds what the care requires.

Which type of Trust fits your goals?

Trusts are tools — the right one (if any) depends entirely on your goals, your family, your assets, and tax considerations. This page is general information, not legal advice. A free role check can show you where you stand, and a New York attorney can design what fits your situation.

General information about New York law, not legal advice.

Frequently asked questions

What kinds of trusts does New York recognize?: Among others: revocable and irrevocable lifetime trusts (EPTL 7-1.16, 7-1.17), trusts created by will, supplemental needs trusts for a beneficiary with a disability, trusts whose income interest cannot be transferred by default (EPTL 7-1.5), charitable trusts, and a trust for the care of a pet (EPTL 7-8.1).
Is a New York trust revocable or irrevocable by default?: Irrevocable. A New York lifetime trust is irrevocable unless it expressly provides that it is revocable (EPTL 7-1.16); an irrevocable trust can be revoked or amended only with the written, acknowledged consent of everyone beneficially interested (EPTL 7-1.9).
Can I leave money in trust for my pet in New York?: Yes. A trust for the care of a designated domestic or pet animal is valid; it ends when the animals it covers are no longer alive, and a person named in it or appointed by the court may enforce it (EPTL 7-8.1).

General information about New York law, not legal advice.