Bronx Revocable Trusts Attorney
A Revocable Trust—also known as a Living Trust—is a popular and flexible estate planning tool that allows you to manage your assets during your lifetime and smoothly transfer them to your beneficiaries after death. It can help avoid probate, maintain privacy, and provide continued control over your estate. At Cavallo & Cavallo, we help Bronx individuals and families establish revocable trusts that align with their personal goals and protect what matters most.
What Is a Revocable Trust?
A Revocable Trust is a legal entity you create to hold your assets. As the name suggests, it can be changed or revoked at any time during your lifetime, as long as you are mentally competent. You serve as the trustee while you are alive, meaning you maintain full control over the trust property.
Upon your death (or incapacity), a successor trustee takes over and manages or distributes the trust assets according to your instructions—without going through probate.
Key features include:
- Control: You retain control of the trust and its assets while living.
- Flexibility: You can modify or revoke the trust at any time.
- Avoidance of probate: Assets pass directly to beneficiaries without court involvement.
- Privacy: Unlike a will, a trust does not become part of the public record.
Why Create a Revocable Trust?
Many Bronx residents choose a revocable trust as part of their estate plan for its efficiency, privacy, and long-term benefits.
Benefits of a revocable trust include:
- Avoiding probate: Assets in the trust bypass Surrogate’s Court, saving time and legal fees.
- Maintaining privacy: Unlike wills, trusts are not public documents.
- Simplifying asset transfers: Especially helpful for those who own property in multiple states.
- Planning for incapacity: If you become unable to manage your affairs, your successor trustee can step in immediately without needing court approval.
- Continuity and control: Allows for detailed instructions about how, when, and to whom assets are distributed.
Revocable trusts are ideal for individuals, couples, and families who want to reduce stress for loved ones and maintain control over their legacy.
How Revocable Trusts Work
Creating a revocable trust involves several steps:
- Drafting the trust agreement: This legal document outlines how your trust will function, names your trustee(s) and beneficiaries, and includes your instructions.
- Funding the trust: You transfer assets—such as bank accounts, real estate, and investments—into the name of the trust.
- Managing the trust: As the grantor and trustee, you continue managing the assets just as you would if they were in your own name.
- Successor trustee: If you become incapacitated or pass away, your chosen successor trustee takes over and carries out your wishes.
We help ensure your trust is properly set up, funded, and integrated with your broader estate plan.
What Assets Can Be Placed in a Revocable Trust?
A wide range of assets can be placed into a revocable trust, including:
- Bank and brokerage accounts
- Real estate (homes, investment properties)
- Stocks and bonds
- Business interests or LLC shares
- Collectibles and valuable personal property
- Life insurance (using trust as beneficiary)
- Intellectual property or royalties
Assets left out of the trust may still be subject to probate, so it’s important to take the extra step of transferring ownership properly.
Revocable Trusts vs. Wills
While a will is a basic estate planning document, it does not avoid probate. A revocable trust offers greater flexibility, efficiency, and control.
| Feature | Will | Revocable Trust |
|---|---|---|
| Goes through probate | Yes | No |
| Becomes public | Yes | No |
| Effective during lifetime | No | Yes (if funded) |
| Manages incapacity | No | Yes |
| Asset transfer speed | Slower (court approval needed) | Faster and private |
We often recommend combining a revocable trust with a simple will (known as a pour-over will) to catch any assets that were not transferred into the trust.
Planning for Incapacity with a Revocable Trust
If you become incapacitated due to illness, injury, or aging, a revocable trust allows your successor trustee to step in immediately and manage your finances and care-related matters. This avoids the need for a court-appointed guardian or conservator.
Paired with a durable power of attorney and health care proxy, a trust provides a complete framework for lifetime and end-of-life planning.
Updating and Amending Your Trust
Because revocable trusts are flexible, you can change them at any time. Common reasons to update your trust include:
- Marriage, divorce, or new relationships
- Birth or adoption of a child or grandchild
- Sale or acquisition of significant assets
- Change in financial goals or tax laws
- Death or incapacity of a trustee or beneficiary
We help clients review and update their trusts periodically to keep them aligned with their evolving needs.
Limitations of a Revocable Trust
While a revocable trust offers many advantages, it is not the right solution for every situation. It’s important to understand what it does—and does not—do:
- Does not protect against estate taxes: Unlike some irrevocable trusts, a revocable trust does not remove assets from your taxable estate.
- No asset protection from creditors: While you are alive, trust assets are still considered yours and may be subject to lawsuits or debts.
- Requires funding: The trust only controls assets that are actually transferred into it. Assets left out may still go through probate.
That’s why our trust planning includes thorough funding instructions and coordination with your entire estate plan.
Frequently Asked Questions About Revocable Trusts
Do I lose control of my assets if I create a revocable trust?
No. You remain in control as the trustee and can change or revoke the trust at any time.
Do I still need a will if I have a trust?
Yes. A “pour-over will” acts as a safety net, transferring any assets not in the trust at your death.
Is a trust only for wealthy individuals?
No. Revocable trusts are useful for anyone who wants to avoid probate, maintain privacy, or prepare for incapacity—regardless of wealth level.
How long does it take to set up a revocable trust?
With Cavallo & Cavallo, we can typically create and finalize a trust within a few weeks, depending on the complexity of your plan.
Will a revocable trust help me avoid estate taxes?
Not by itself. Revocable trusts are included in your taxable estate. However, they can be part of a larger tax-saving strategy.
What if I own property in another state?
A revocable trust can help avoid probate in multiple states by titling out-of-state property in the trust.
Serving Throughout The Bronx
- Riverdale
- Spuyten Duyvil
- Pelham Bay
- Morris Park
- Throggs Neck
- Kingsbridge
- Woodlawn
- Parkchester
- Bedford Park
- Fordham
How Cavallo & Cavallo Can Help
With over 30 years of experience serving Bronx residents, Cavallo & Cavallo provides trusted estate planning services, including the creation and management of revocable trusts. We take the time to understand your goals and create a plan that reflects your family’s needs, values, and future.
Our revocable trust services include:
- Drafting and reviewing custom trust agreements
- Coordinating trust funding and asset transfers
- Updating or amending existing trusts
- Assisting successor trustees with trust administration
- Integrating trusts with wills, powers of attorney, and healthcare directives
We make the process clear, comfortable, and tailored to your life.
Speak to a Bronx Estate Planning Attorney About Revocable Trusts
A revocable trust can simplify your estate, protect your privacy, and ensure your wishes are followed with minimal court involvement. Contact Cavallo & Cavallo today to speak with an experienced Bronx estate planning attorney and create a revocable trust that gives you control now and peace of mind for the future.
