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Estate planning can feel overwhelming when you’re trying to figure out what’s right for your family. Living Trusts and Testamentary Trusts give you more control and privacy than most people realize, especially if you want to protect your loved ones from unnecessary court delays and public scrutiny. According to a 2025 report by Trust & Will, only 11% of Americans have a trust, while 55% have no estate plan at all. We’re here to change that.
These trusts keep your personal business private, which means your family details stay out of public records. Probate can cost heirs between 3% to 7% of an estate’s total value and take anywhere from 6 to 24 months to complete, according to 2025 national data. Our team at the Law Offices of Roman Aminov helps families avoid those delays every single day.
Setting up Living Trusts and Testamentary Trusts is what we do best. No guesswork, no confusion, just real answers that fit your life.
Families come to us with many questions about estate plans and end-of-life choices. Clear advice you can trust is what matters most. Stay with us as we break down everything you need to know next!
Key Takeaways
- Probate costs families an average of 3% to 7% of the estate’s value and can take 6 to 24 months to settle, according to 2025 data from Trust & Will.
- Living trusts let you keep control of your assets while alive, skip probate court for privacy, and pass property to heirs quickly after death.
- Testamentary trusts begin after death through your will, help manage money for minors or special needs relatives, and activate only after probate ends.
- We at the Law Offices of Roman Aminov offer personalized plans (including living trusts, testamentary trusts, and Medicaid planning) guided by a “Superb 10” AVVO-rated attorney.
- Free consultations are available at (347) 766-2685 to help you choose trust options that protect privacy and simplify your estate planning.
Understanding Trusts: What Are Living Trusts and Testamentary Trusts?
Trusts help you pass on property or care for loved ones with more flexibility than a simple will. We set up a trust by naming a trustee, deciding who gets the assets (the beneficiary), and listing what goes into the trust. Trusts can benefit family members, charities, or even pets. Yes, pets can receive trust protection too! Each state has its own rules, so there’s no single national law governing all trusts.
Living trusts start working while you’re alive. You keep control if you choose to be your own trustee, and you can change things as long as you stay mentally sharp. Assets in living trusts skip probate court, so heirs get their share faster and with more privacy. Research from 2025 shows that living trusts typically range from $1,000 to $4,000 to set up with an attorney, but they can save your family thousands in probate costs later.
Testamentary trusts begin after death through your will. This means probate comes first, and those details go public because of court records. Both kinds offer ways to manage money for kids or people with special needs and may cut down estate taxes if done right.
Third-party special needs trusts can be established as testamentary trusts to protect beneficiaries who receive government assistance like Supplemental Security Income (SSI) or Medicaid. Trusts really do cover lots of ground!
Key Differences Between Living Trusts and Testamentary Trusts
Living trusts and testamentary trusts each have their own style. They work pretty differently once you dig in.
Curious about which one actually fits your needs? Keep reading for the details.
Creation and Timing
We set up living trusts while clients are still alive. Assets must be moved into the trust during your lifetime, so it starts working right away. This means you stay in control and can manage those assets at any time, even if something happens and you cannot do it yourself down the road. Sometimes, one person serves as both creator and manager, then picks a successor trustee for after their death or incapacity.
Testamentary trusts work differently. They don’t exist until after someone passes away. This kind of trust sits inside a will and only becomes active once probate finishes in court, a process that can take 6 to 12 months on average (and sometimes feels much longer, according to 2025 probate data).
The executor transfers assets into the testamentary trust according to what’s listed in the will. If changes need to be made before death, updates go through the will itself since nothing is funded yet. Living trusts might sound more instant; testamentary trusts keep things on standby until needed most, like backup plans tucked safely away.
Probate and Privacy Considerations
Probate can be slow and public, creating stress for families.
Wills, including those that set up testamentary trusts, must go through the court process. Assets and beneficiaries’ details often become public records. According to a 2025 survey by Trust & Will, most people underestimate how long probate takes. Only 2% of respondents believed it would take 9 to 20 months, even though that’s the national average.
Probate drags on for months or even years. Imagine waiting a year just to receive something your family left you! The process adds extra legal fees too, typically costing between $3,000 to $7,000 for simple estates, according to 2025 data.
Living trusts skip probate altogether. Your beneficiaries get their share much faster without court approval (and way less paperwork). Trusts managed by a successor trustee keep your affairs private. No one from outside has to know what is inside or who gets it.
These privacy benefits make living trusts very popular with families who want to keep things low-key and sometimes just avoid nosy neighbors! Probate records become accessible to anyone, including creditors, solicitors, and even identity thieves who scrape public court filings for information.
Benefits of Establishing a Living Trust
With a living trust, we help you move property outside of probate court.
This approach skips long waits and cuts down on court fees. You keep control over your assets while you’re alive. If you become disabled, the trust makes sure someone manages things the way you want.
Living trusts protect your wishes better than a will alone. These trusts are harder to challenge in court (no drama from angry relatives here). According to a 2024 report by SmartAsset, more than 60% of Americans with estates above $500,000 choose a living trust over a will because trusts bypass probate, a process that costs heirs an average of 3% to 7% of the estate value.
Setting up a living trust involves specific steps:
- Retitling your assets to the trust name
- Updating beneficiary forms on accounts
- Transferring real estate deeds
- Naming a successor trustee
Working with our estate planning lawyers at the Law Offices Of Roman Aminov means your plan fits you, not just some generic template. Each family is different, right? Your private details stay out of public records too. Who doesn’t like a little more privacy?
Living trusts also provide for incapacity planning. If you cannot manage your affairs, your successor trustee steps in seamlessly without needing court-appointed guardianship.
When to Consider a Testamentary Trust
Kids under 18 or family members with special needs can really benefit from a testamentary trust.
This type of plan kicks in after you pass away and gives you control over how assets get shared out. Sometimes, loved ones just aren’t ready to handle large sums at once. We’ve seen teenagers who think new shoes matter more than savings (yikes).
A testamentary trust lets you stagger payments or hold funds until they reach adulthood. According to the Special Needs Alliance, testamentary special needs trusts are specifically designed to benefit individuals with disabilities while protecting their eligibility for government programs like SSI and Medicaid.
We keep things flexible during your life since you can change the terms by updating your will any time before death. There’s no need to fund the trust now; assets move into it only after probate (so you avoid lifetime funding fees).
Common situations for testamentary trusts:
- Minor children who aren’t ready to manage money
- Beneficiaries with special needs who receive government assistance
- Family members who struggle with financial responsibility
- Situations requiring structured, controlled distributions
Court supervision helps, especially when responsible management is key for a minor or someone who cannot manage money alone. This method combines peace of mind with practical steps for safeguarding their future, even if that just means making sure nobody burns through everything on day one!
Personalized Trust Planning with the Law Offices of Roman Aminov
We focus on what clients actually need, so every trust we create fits each situation.
Maybe it’s a fixed trust for steady support, or maybe a special needs trust (yes, sometimes life’s plans take sharp turns). Our team works with living trusts and testamentary trusts, plus Medicaid planning using Irrevocable Medicaid Trusts to help protect family assets.
Roman Aminov is a Super Lawyer and has earned a “Superb 10” rating on AVVO. Clients mention our compassion in their stories. Some call us real lifesavers.
We offer guidance not just for trusts but with:
- Probate law
- Elder law issues
- Tax matters
- Powers of attorney
- Guardianships
The trusts & estates industry in the United States reached $290.1 billion in 2025, according to IBISWorld. This growth reflects increasing demand as adults aged 50 and older recognize the importance of estate planning. Free consultations are always available at 347-766-2685. One phone call might change everything about your estate plan (or at least make it less confusing).
Conclusion: Secure Your Legacy with Trusted Legal Guidance
Planning your future with living trusts and testamentary trusts helps you protect what matters most.
Our team at the Law Offices of Roman Aminov makes trust planning clear, simple, and effective. We promise, no confusing legal jargon.
Choosing the right trust can save money, keep things private, and make things easier for your loved ones. Even a small step can lead to peace of mind and lasting impact.
Ready to get started? Our attorneys are ready to guide you every step of the way with answers to questions about wills, advance directives, or estate strategies. Let’s make sure your legacy is safe. Nothing feels better than crossing off that “get my affairs in order” task!
Call us today at (347) 766-2685 for your free consultation.
FAQs
1. What makes living trusts different from testamentary trusts at The Law Offices Of Roman Aminov?
A living trust is active immediately and lets you avoid court, while a testamentary trust is created by your will and only starts after the lengthy probate process. We usually recommend living trusts because they remain revocable during your lifetime and keep your family out of the New York Surrogate’s Court.
2. Can The Law Offices Of Roman Aminov help me avoid probate with trust services?
Yes, a properly funded living trust completely bypasses the 7-to-15-month probate timeline and saves your estate from paying statutory executor commissions.
3. How does Roman Aminov’s firm handle the setup process for these trust services?
We handle the drafting and then guide you through the crucial “funding” step, which involves retitling your deeds and accounts to ensure the trust actually works. We take care of the technical details so you can feel confident your plan is legally sound.
4. What kind of assets can I put into trusts through The Law Offices Of Roman Aminov?
You can transfer almost any asset, including your primary residence deed, LLC membership interests, and brokerage accounts. This ensures your specific New York properties and investments are protected and distributed exactly how you want.
Roman Aminov Estate Law Firm Of Queens
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