Brooklyn homeowners hear about revocable living trusts and wonder if they’re a tax trick, a probate shortcut, or just hype. The truth is more practical. Here are the questions we get asked most often.
What is a revocable living trust, exactly?
It’s a trust you create while you’re alive (a “living” trust) that you can change or cancel anytime (“revocable”). New York governs trusts under EPTL Article 7. You typically serve as your own trustee, keeping full control of your assets, and you name a successor trustee to take over if you become incapacitated or pass away. You move assets—like a brownstone or brokerage account—into the trust’s name.
Will it help me avoid probate in Kings County?
Yes, and that’s the main reason Brooklyn families use them. Assets properly titled in the trust pass to your beneficiaries without going through the Kings County Surrogate’s Court probate process. That can mean less delay, fewer court filings, and more privacy, since a will becomes a public court record while a trust generally stays private.
Does a revocable trust save me on taxes?
No—and this is the biggest misconception. Because you keep full control and can revoke it anytime, the IRS and New York still treat the assets as yours. A revocable trust provides no income tax savings and no estate tax savings. The New York estate tax in 2026 has an exclusion of $7,350,000, with a “cliff”: estates exceeding 105% of that (about $7,717,500) lose the exclusion entirely. A revocable trust does nothing to change that math—if tax savings are your goal, you need different tools.
Does it protect my assets from creditors or Medicaid?
No. Because you can take everything back out at will, the assets remain available to your creditors and are counted for Medicaid eligibility. A revocable trust is about control and avoiding probate, not asset protection. For Medicaid or creditor protection, an irrevocable trust is the relevant tool.
Do I still need a will if I have a trust?
Yes. Most plans pair the trust with a “pour-over” will that catches anything you forgot to transfer and directs it into the trust. The will is also where you nominate a guardian for minor children—something a trust can’t do. Together they form a complete plan.
Is it worth the extra cost and effort?
It depends. For a Brooklyn resident who owns real estate or out-of-state property, values privacy, or wants a smooth handoff if they become incapacitated, the probate-avoidance benefit can be real. For someone with modest assets that already pass by beneficiary designation, a well-drafted will may be enough. The trust only works if you actually retitle assets into it—an empty trust accomplishes nothing.
A note before you set one up
Whether a revocable living trust fits your situation depends on your assets and goals, and this overview isn’t legal advice. A New York attorney who handles Brooklyn estate planning can tell you whether a trust, a will, or a combination makes sense for you.
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