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What’s the Difference Between a Will and a Trust in New York?

will trust new york

You can’t plan for every eventuality, because Life is just too unpredictable. However, you can make allowances for the most likely events by drafting a Will and/or a Trust. These consequential documents can serve very different functions, so it is crucial that one knows how the implementation of either will affect one’s estate. For more information on the distinction, please read on, then contact one of our Putnam County probate attorneys to learn what the difference is between a Will and a Trust in New York.

How does a Will differ from a Trust in New York?

The main difference between the two is that a Will goes into effect only after one dies, while a Trust takes effect as soon as one creates it. A Will is a document that sets out who will get one’s property at one’s death and it should name an executor to carry out your wishes. A Trust can also be used to settle one’s estate more quickly than a Will and can provide confidentiality for Trust assets.

Why should you make a Will or a Trust in New York?

There are many reasons one might need to draft a Will or a Trust, but some of the most common are as follows:

Reasons for a Will:

  • Leave your property to people or organizations
  • Name a personal guardian to care for one’s minor children
  • Name a trusted person to manage property one leaves to minor children
  • Name an executor, i.e. the person who makes sure that the terms of one’s Will are carried out

Reasons for a Trust:

  • Allows one to protect one’s assets during and after one’s lifetime
  • Transferred assets continue to be available to one during one’s life
  • After one’s death, they pass to one’s beneficiaries

All this said, it is highly advisable that if one drafts a Trust, one should also draft a Will. If you do not have a Will, any property that is not transferred by your living Trust or another method will go to your closest relatives as determined by New York state intestacy laws. If that is not your wish, you would be wise to reach out to a skilled Putnam County estate planning attorney to discuss how to proceed.

Do you need an estate planning attorney to draft a Will or Trust?

Legally speaking, you need not retain the services of a seasoned probate attorney, but going ahead without one would be ill-advised. If you have any reason to believe that your Will will be contested or if you want to disinherit your spouse, you should give us a call today. Our firm can help ensure that your legal documents are written in the strongest, least-contestable language that can be arranged. You have enough to consider, so let us handle the legal work.

Contact our Firm

If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.

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