What Are My Duties as Trustee in New York?

New York does not have a mandatory beneficiary notification requirementN.Y. EPTL Article 7Verified May 31, 2026, though voluntary notice can limit the window for beneficiary challenges. The notice typically includes the trustee's name and address, and the beneficiary's right to request trust information.

When the grantor dies, the revocable trust becomes irrevocable and requires its own EIN (Employer Identification Number) from the IRS. The trustee must file Form 1041 (U.S. Income Tax Return for Estates and Trusts) for any income earned by trust assets after the date of death. The trust may also need to file a New York state income tax return.

New York requires trustees to maintain detailed records of all trust transactions, including income, expenses, distributions, and investment decisions.N.Y. EPTL Article 7Verified May 31, 2026 Beneficiaries have the right to request accountings. Proper documentation protects the trustee from liability claims and provides transparency for beneficiaries.

Trustee compensation in New York is based on reasonable compensation for the services performed. Professional trustees typically charge 0.5-1.5% of trust assets annually. Individual (non-professional) trustees often reference executor fee guidelines (2-5% of estate value) as a benchmark. See the New York trustee compensation guide for details.

Trust administration in New York typically takes 6-12 months, compared to 9-15 months for average probate cases.SCPA § 2307 (executor: 5% first $100K / 4% next $200K / 3% next $700K / 2.5% next $4M / 2% over $5M), SCPA § 2402(7) (graduated court petition fees: <$10K=$45, <$20K=$75, <$50K=$215, <$100K=$280, <$250K=$420, <$500K=$625, ≥$500K=$1,250), SCPA § 2402(9) ($150 objections/jury demand; $45 note of issue), SCPA § 1301 (voluntary administration, $50K personal-property cap, raised from $30K by Ch. 481 L. 2019 eff. 2019-11-25), SCPA § 1304 (no waiting period; file affidavit + death certificate immediately), SCPA § 1802 (7-month creditor claim period; runs automatically from issuance of letters; no publication required — former SCPA § 1801 repealed by Ch. 514, L. 1993). Verified 2026-05-31 via nysenate.gov primary sources.Verified May 31, 2026 Trust creditors have 7 months to file claims, compared to 7 months for probate creditor claims. Trust administration avoids court involvement, public filings, and many of the procedural delays associated with probate. See the New York estate settlement guide for a complete overview.