Who Needs a Trust Instead of a Will - Seth Schlessel

From Schlessel Law PLLC - In the article "Who Needs a Trust Instead of a Will," the benefits and distinctions between trusts and wills in estate planning are thoroughly explored. The article highlights that while both tools serve critical roles, a trust can offer enhanced privacy, avoid probate, and provide more control over how assets are distributed to beneficiaries. This is particularly valuable for individuals in New York who have complex family situations, own significant assets, or wish to ensure financial support for loved ones with special needs.

The article discusses different types of trusts available in New York, such as revocable living trusts and irrevocable trusts. Revocable living trusts allow individuals to maintain control over their assets during their lifetime, offering flexibility in managing the estate. Irrevocable trusts, on the other hand, can provide tax advantages and protect assets from creditors but come with the tradeoff that the grantor gives up control of the assets once they are placed in the trust. Additionally, special needs trusts ensure that individuals with disabilities receive financial support without jeopardizing their eligibility for government benefits.

For those who own property in multiple states or seek to minimize the delays and costs associated with probate, a trust can simplify the estate planning process. Trusts ensure that assets are distributed according to specific terms without going through the public probate process, maintaining privacy and efficiency. This can be especially advantageous for families with minor children, ensuring that the children's financial needs are met without transferring substantial assets directly to them before they are ready.

If you're unsure whether a trust or a will is more appropriate for your estate plan, consulting with the Long Island estate planning attorneys at Schlessel Law PLLC can provide the clarity you need. Our team can help craft a tailored estate plan that aligns with your personal and financial goals. Contact us at (516) 574-9630 to schedule a consultation and explore the best options for protecting your assets and providing for your family.

Schlessel Law PLLC

34 Willis Ave Suite 300, Mineola, NY 11501, United States

(516) 574-9630

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