Wills vs. Trusts in New York: How to Choose the Best Option for Your Estate Plan?

Estate planning is a crucial step in protecting your assets and loved ones, but choosing between a will and a trust can feel overwhelming. Both serve important purposes but work differently and offer distinct advantages. Klausner Cook, PLLC  can help you explore which option might be right for you.

Understanding Wills

A will is a legal document that specifies how you want your assets distributed after your death. Here's what you need to know:

Advantages of Wills

·Simple and less expensive to create than trusts

·Allows you to name guardians for minor children

·Provides clear instructions for asset distribution

·Can be modified relatively easily during your lifetime

·Enables you to specify funeral arrangements

Potential Drawbacks

·Must go through probate, which can be time-consuming and expensive

·Becomes public record after death

·Only takes effect after death

·Doesn't help manage assets if you become incapacitated

Want to avoid the lengthy probate process? Our estate planning attorneys can help you set up a trust that streamlines asset transfer.

Understanding Trusts

A trust is a legal arrangement where a trustee holds and manages assets for your beneficiaries. Consider these factors:

Advantages of Trusts

·Avoids probate process, saving time and money

·Maintains privacy since trust details remain private

·Takes effect immediately and continues working if you become incapacitated

·Offers more control over how and when assets are distributed

·Can include provisions for managing assets for minor children

·May provide tax benefits in certain situations

Potential Drawbacks

·More expensive to set up initially

·Requires active management and funding

·More complex to maintain

·May still need a simple will as backup

Making Your Choice

Your decision should depend on your specific circumstances. A will might be right for you if you have a modest estate, aren't concerned about privacy, and primarily want to ensure your assets go to specific people after your death. Consider a trust if you own property in multiple states, value privacy, want to avoid probate, or have a complex estate situation.

Many people benefit from having both—using a trust for the bulk of their estate planning and a simple "pour-over" will as a backup. This comprehensive approach provides maximum protection and flexibility.

The best way to learn more about the probate process and how it may impact your decision between a will and trust, is to contact a qualified estate planning attorney who can review your specific circumstances to give you an informed opinion.

Getting Started with Klausner Cook, PLLC

Schedule your free consultation today to learn how we can help protect your family's future. Our experienced New York estate planning attorneys will help you create a plan that gives you peace of mind and security for your loved ones.

Disclaimer: The information in this blog post (“post”) is provided for general informational purposes only, and may not reflect the current law in your jurisdiction. No information contained in this post should be construed as legal advice from Klausner Cook, PLLC. or the individual author, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through, this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country or other appropriate licensing jurisdiction.