What You Need to Know About Living Trusts and Wills in New York
You have choices to make when you create your estate plan. Who will inherit your assets, who will take care of your children, and how will you accomplish your goals?
For example, you may need to consider a living trust vs will, but you do not need to do it alone. At Alatsas Law Firm, we're here to guide you through estate planning. We can help you make informed decisions that protect your assets and honor your wishes.
The Probate Process: Living Trust vs Will
One primary difference between living trusts and wills is how they function in the probate process. Probate is the legal procedure that validates a will and settles an estate after someone passes away.
A will is a legal document that outlines how you want your assets distributed after your death. It goes through probate, a court-supervised process that validates the will and oversees asset distribution.
A living trust, on the other hand, is a legal entity that holds your assets during your lifetime and specifies how they should be distributed after your death. Unlike a will, a properly funded living trust typically avoids probate.
Privacy Considerations of Living Trusts and Wills
Privacy is a significant advantage of living trusts. Since they generally avoid probate, the details of your estate remain private. This can be particularly beneficial for those who value discretion in their financial affairs.
Wills, once probated, become public documents. Anyone can access information about your assets and beneficiaries. This lack of privacy might be concerning for some individuals or families.
To maintain privacy in estate planning, consider:
- Using a living trust as your primary estate planning tool
- Keeping certain assets out of your will through beneficiary designations
- Utilizing transfer-on-death designations for appropriate accounts
If maintaining privacy is your priority, a Brooklyn estate planning lawyer can help you create an estate plan that protects your confidentiality while ensuring your wishes are fulfilled.
Estate Planning Flexibility: Livings Trust vs Will
Living trusts also offer more flexibility and control over your assets than wills. With a living trust, you can include detailed instructions for how your assets should be managed and distributed over time. For example, you might specify that a beneficiary receives funds for college or that assets are distributed in stages as a beneficiary reaches certain milestones. A living trust can be especially useful if you have beneficiaries who are minors, have special needs, or may not be able to manage finances responsibly.
In contrast, a will only allows for the one-time distribution of assets after your passing. Once the assets are distributed, the beneficiaries have complete control over their use.
Working with a Brooklyn estate planning lawyer, you can tailor your living trust to your unique situation and ensure your assets are managed according to your wishes.
Combining Living Trusts and Wills Into a Comprehensive Estate Plan
In many cases, it’s wise to use both a living trust and will rather than a living trust vs will. A living trust can hold and manage most of your assets, while a pour-over will can ensure that any assets not included in the trust are still distributed according to your wishes.
Brooklyn estate planning lawyer Theodore Alatsas can create a comprehensive estate plan tailored to your unique needs and goals. Our team has extensive experience helping clients in Brooklyn and throughout New York with living trusts, wills, and other estate planning tools. We can create a personalized strategy that:
- Ensures all assets are accounted for
- Provides for minor children or dependents
- Addresses complex family situations
- Optimizes tax planning
- Maintains privacy while ensuring your wishes are legally documented
We're here to help you consider living trusts and wills so that we can create an estate plan that gives you peace of mind and protects your legacy.
