What's Best for Your Estate Planning Needs?
Taxes, unique family relationships and the complex needs of loved ones can complicate estate planning. Many people are confused about which options — wills or trusts — are best. Estate planning, however, is intimately personal and should be tailored to each individual's specific needs.
At Raskin & Makofsky, LLP, our founding lawyers are Certified Elder Law Attorneys, each with over 20 years of experience guiding individuals and families through the estate planning process. We believe in explaining the options and clearly identifying the advantages and disadvantages of each option. This understanding enables you to make informed decisions as you work closely with us to develop your estate planning strategy.
To schedule an appointment, call (516) 228-6522 or contact us online. Our estate planning and elder law office is located in Garden City, New York, and we serve Nassau County, the rest of Long Island, and the surrounding areas.
Wills Versus Trusts: Understand the Options
- Last will and testament: Most people understand the concept of a last will and testament — an instrument that allows you to name beneficiaries, specific gifts to beneficiaries, guardians for minor children and other important elections regarding the distribution of your assets. Wills can also include a number of testamentary trusts — trusts that are set up after your death.
- Revocable trusts: A revocable trust can be used as an alternative to or in addition to a will. A revocable trust allows you to transfer your assets into the trust and manage the assets while you are alive and able. When you become incapable of managing the trust due to incapacity or death, a successor trustee will manage or distribute the assets directly to heirs according to instructions you make in the trust agreement. Learn more about other types of revocable and irrevocable trusts.
Benefits of Using a Trust Instead of a Will
When created and managed correctly, revocable trusts (also known as living trusts) can offer many benefits over the traditional last will and testament. Some of these benefits include:
- You are in control: Although a trustee controls the assets in the trust, you can appoint yourself as the trustee (and beneficiary) while you are alive. As trustee, you will be capable of utilizing assets as you see fit, investing trust assets and other asset management. You have the control to appoint who you would like to serve as trustee in the event of your incapacity or death.
- You save loved ones the burden of probate: Probate can be a complex, lengthy court procedure. A will must be validated by the court in probate before the executor of your estate can gain control of your assets and make distributions to heirs per your instructions. Further delays in probate can occur if the validity of the will is contested. However, a trust serves as a vehicle to avoid probate. Your assets are already under control of the trust and trustee. Therefore, the trustee can more quickly distribute the trust assets per your instructions in the trust agreement (which can be modified at any time while you are still alive).
A potential disadvantage to a living trust for some people occurs if they fail to correctly transfer title of assets to the trust. While all assets may have been transferred into the trust at its creation, it is important to continue to fund the trust with assets acquired throughout your lifetime. Any assets that are not held in the trust at your death will still require court involvement (probate) before passing to heirs.
If you would like to learn more about wills and trusts or discuss your circumstances with a skilled estate planning attorney, contact Raskin & Makofsky, LLP. Call us today at (516) 228-6522 or contact us online.
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