Wills and trusts have specific yet differentiating benefits for estate planning. Each state has specific laws and regulations governing these legal documents. You can have both a will and a trust; the information in each should complement the other.
The most significant difference between a will and a trust in New York is probate court, also known as Surrogate’s Court. A will must go through probate court, while a trust avoids probate court.
What is a Will in New York?
At its most basic level, a will allows you to appoint an executor for your estate, name guardians for your children and caretakers for pets, designate where your assets go, and specify final wishes and arrangements. A will is only enacted upon your death.
Wills have some limitations regarding the distribution of assets, and wills are also subject to a probate process and, as such, are part of public records. Probate is expensive and can cost a lot in administering New York estate because of the carrying costs, expenses, and commissions. Probate can be very time-consuming; the distribution of assets can take at least six months.
What is a New York Trust?
Trusts are somewhat more sophisticated than wills, and there are many different types of trusts that can significantly benefit your estate and beneficiaries. A trust does not go through probate. You fund your trust by legally transferring assets into it, making the trust the owner of those assets.
Generally, a trust provides for the distribution and management of your assets during your lifetime and after death. Trusts can apply to any asset you hold inside the trust and offer more control over your asset distribution. There are many different trust forms and types, far more than a will. Our New York firms estate planning lawyers can help you and your loved ones navigate estate planning to reach your asset protection goals in New York.
Your Russian Speaking Estate Planning Attorneys in Brooklyn, NY and Manhattan, NY
Vlad Portnoy can navigate you or a loved one on the path of asset protection with a unique estate plan. Our Russian speaking attorneys in New York bring compassion and personal care to every legal matter for the Russian community and beyond. Our New York law firm with offices in New York City and Brooklyn has a foundation of strong client relationships, and we work hard to meet your estate planning goals.
Our law firm has been helping New Yorkers, residents of Northern New Jersey like you, and the Russian community, navigate the complicated world of New York estate planning for years. From the most straightforward wills to the most complicated trusts, we have seen it all and will be able to use that experience to tailor the perfect legal structure for your situation to guard your wishes with an estate plan.