Wills and Trust Agreements in New York
Ensure your assets are managed and distributed as you wish with expertly crafted wills and trusts from New York’s leading estate planners.
Planning your estate is essential to ensuring your loved ones are protected and your assets are distributed according to your wishes. Whether you need a will, a trust, or both, having a legally sound estate plan can help prevent complications, reduce costs, and provide peace of mind. In New York, estate planning is particularly important due to the complexities of probate and inheritance laws.
Who Needs a Will or a Trust?
A will or trust is essential for anyone who wants to ensure their assets are distributed according to their wishes. The right estate planning tool depends on your specific needs.
You need a will if you want to:
- Designate who inherits your assets after your passing.
- Name a guardian for minor children.
- Appoint an executor to manage your estate.
You need a trust if you want to:
- Avoid probate and ensure a smoother asset transfer.
- Protect assets for minor children, special needs beneficiaries, or future generations.
- Maintain privacy and control over how and when assets are distributed.
Whether you have a simple estate or complex financial holdings, having a legally sound estate plan ensures your legacy is protected and your loved ones avoid unnecessary legal complications.
Choosing Between a Will and a Trust
Will
A will is simpler and more cost-effective to create, making it a suitable option for those with straightforward estates. It allows you to designate beneficiaries, appoint an executor, and name guardians for minor children. However, a will must go through probate, which can be time-consuming, costly, and public in New York State.
Trust
A trust provides greater flexibility, privacy, and efficiency in managing and distributing assets. A revocable living trust allows you to maintain control during your lifetime while ensuring a smooth transfer of assets without probate. Trusts are especially useful for those with complex estates, minor beneficiaries, or specific asset protection goals.
Many individuals benefit from using both a will and a trust, with a pour-over will you can be sure that any assets not placed in the trust during their lifetime are transferred into it upon their passing. Consulting an experienced New York estate planning attorney can help you determine the best approach for your needs.
Types of Trusts in New York
There are several types of trusts available in New York, and choosing the right one depends on your specific estate planning goals:
- Revocable Trust (Living Trust): A flexible trust that allows you to maintain control over your assets while avoiding probate. You can modify or revoke a revocable trust at any time during your lifetime.
- Irrevocable Trust: Once established, this trust cannot be changed, but it provides asset protection, tax benefits, and Medicaid planning advantages.
- Testamentary Trust (Trust Under Will): Created within a will to hold assets for minor children or beneficiaries with special needs. Since it is part of a will, it must go through probate.
- Special Needs Trust – A trust designed to provide financial support for a beneficiary with disabilities without jeopardizing their eligibility for government benefits like Medicaid or Supplemental Security Income (SSI).
To fully benefit from a trust, it must be properly funded, meaning assets should be transferred into the trustee’s name. An experienced New York estate planning attorney can ensure your trust is structured and funded correctly.
Do You Still Need a Will If You Have a Trust?
Yes, even with a trust agreement in place, a pour-over will is essential. This ensures that any assets not transferred into the trust during your lifetime are directed into the trust after your passing. Additionally, a will allows you to name guardians for minor children and make personal property gifts, such as family heirlooms or sentimental items.
Why You Shouldn’t Draft a Will or Trust on Your Own
Estate planning laws in New York State are complex, and even small errors in legal documents can result in an invalid will or unintended asset distribution. In New York City, a will must be signed in the presence of two witnesses and adhere to strict legal formalities. If these requirements are not met, the will may be challenged or declared invalid, leaving your estate to be distributed under New York’s intestacy laws, which may not align with your wishes.
At Brian D. Perskin & Associates, our experienced New York estate planning attorneys can guide you through the process and help you make informed decisions about your future. Contact us today to schedule a consultation.
For detailed assistance with your wills and trusts, please contact a New York Estate Planning Attorney from our firm for expert legal guidance. Call 718.752.7426 to explore how we can help secure your legacy and protect your loved ones.