New York Wills & Trusts Attorney

Serving NYC, Brooklyn, Bronx, Queens, Staten Island & Manhattan

What A Will & Trust Can Do For Your Future:

Wills and trusts are important estate planning tools you should consider. These documents ensure that your wishes are honored and provide clarity and security for your loved ones. 

Creating a will and trust allows you to:

  • Ensure your children, pets, and other dependents are cared for by designating guardians and specifying their needs.
  • Clearly outline how and when your assets will be distributed, which can prevent family disputes and ensure your estate is managed according to your wishes.
  • With a trust, you could avoid the probate process, saving time and money, and also keeping your affairs private.
  • If one were to become incapacitated, drafting these documents will provide continued management of your assets, ensuring protection of your estate.

An experienced will and trust attorney can help advise you on setting up the proper plan, and they can help you with the following legal matters:

  • File to admit a will for probate with the Probate Court in NYC
  • Assist relatives of a decedent who did not leave a Will (intestate)
  • File petitions in the New York Surrogate’s Court to appoint an administrator or fiduciary of the estate

Call (718) 333-2394 or contact us online to set up a consultation with an experienced estate planning attorney in NY.

Will signing with attorney and 2 witnesses

What Is The Difference Between A Will And A Trust?

A common myth is that a will is enough to pass your estate to heirs. However, a will alone is not sufficient because it takes at least one year in New York to validate or “probate” it in court. During probate, the court issues “Letter Testamentary,” allowing access to the estate. Until then, no one can touch your assets. Additionally, wills can be contested, causing further delays and expenses. This is particularly problematic if your estate is large, includes real estate in different states, or involves minor children or children from different marriages.

In contrast, a trust bypasses the probate process entirely, allowing your heirs to access your estate right after you pass away. Trusts save time and money by avoiding court proceedings and providing immediate access to assets. They are harder to challenge, offering more security, and provide flexibility in setting specific terms for how and when assets are distributed.

While a will is essential, incorporating a trust provides a more efficient and secure way to manage your estate. Consulting with an experienced estate planning attorney can help you set up the best plan for your needs.

Call (718) 333-2394 to set up a consultation or contact us online with the best trust attorney in Brooklyn.

What Is a Will? What Will Happen After a Will Is Executed?

A will is a legal document that dictates how your estate will be allocated after your death and allows you to appoint guardians for minors. If someone dies without a will, New York state law determines how their assets are distributed, which may lead to results that do not align with their wishes. Drafting a will in advance allows you to specify your desires regarding the allocation of your estate.

Once a will is drafted, the process doesn't end there. After a person's death, the will must go through a probate process to be executed. This involves approval by the Surrogate’s Court of the County where the deceased person lived. The probate process can be lengthy and meticulous, potentially taking eighteen months or more. During probate, the court validates the will, ensures debts and taxes are paid, and oversees the distribution of the remaining assets to the beneficiaries.

According to a 2023 study by Caring.com (source), about 67% of American adults do not have a will or estate plan in place. This can lead to complications and unpleasant results for their heirs and beneficiaries, emphasizing the importance of having a will to ensure your estate is managed according to your wishes.

What Is a Trust and Why Do I Need It If I Have a Will?

A trust is a legal arrangement where a trustee holds and manages assets on behalf of beneficiaries. Trusts can be established during a person’s lifetime or through their will, which sets up the trust after their death. Trusts offer several benefits, including avoiding probate, providing privacy, and offering flexibility in how assets are distributed.

Types of Trusts:

Revocable Living Trusts

Revocable living trusts, also known as living trusts, are created during the grantor’s lifetime and can be altered or revoked by the grantor at any time. The grantor retains control over the assets in the trust and can make changes as needed. The main advantages of a revocable living trust include:

  • Assets held in a revocable trust at the time of the grantor’s death bypass the probate process, allowing for quicker and more private distribution to beneficiaries.
  • The grantor can modify the trust as their personal circumstances change.
  • If the grantor becomes incapacitated, the successor trustee can manage the trust assets without a court intervention.

However, assets in a revocable living trust are still part of the grantor’s taxable estate and can therefore be accessed by creditors if the court approves their petition.

Irrevocable Trusts

Irrevocable trusts cannot be altered or revoked once they are established. Once assets are transferred to an irrevocable trust, they are no longer part of the grantor’s estate, providing several benefits:

  • Assets in an irrevocable trust are removed from the grantor’s taxable estate, which can reduce estate taxes.
  • Assets in an irrevocable trust are protected from creditors. 

While a will is essential for directing the distribution of your estate, trusts offer additional benefits that can enhance your estate planning:

  • Trusts allow beneficiaries to receive assets without waiting for the probate process to end.
  • Trusts keep your financial affairs confidential, unlike the probate process which is public.
  • Trusts provide greater control over how and when assets are distributed, allowing you to set specific conditions or stagger distributions. While wills tend to split up your estate evenly among your heirs, a trust allows you the flexibility to disproportionately distribute your assets based off of each individual beneficiary’s needs. 
  • Trusts are generally harder to contest than wills, providing a more secure way to ensure your wishes are followed.

How Do I Know If I Should Draft a Will or Trust for My Estate Plan?

Deciding between a will or a trust for your estate plan can be complex. Consulting an attorney is therefore crucial for making the right choice. Here’s why and how an attorney can help:

  • Estate planning laws are complex and vary by state. An attorney ensures your documents comply with local regulations and address your specific needs.
  • Attorneys provide personalized guidance, helping you decide between a will and a trust based on your unique situation.
  • Attorneys prevent common mistakes and ensure your estate plan is accurate, up-to-date, and legally okay.

Key Considerations Differentiating Wills and Trusts:

Wills

  • Suitable for straightforward asset distribution
  • Allows you to name guardians for minor children
  • Must go through probate, which can be time-consuming and is public

Trusts

  • Bypass probate, allowing for quicker and private asset distribution
  • Provide more control and flexibility over how and when assets are distributed
  • Offer potential tax benefits and protection from creditors

In conclusion, consulting an attorney for your estate planning needs can save your heirs from any legal complications that might arise and also ensure that your wishes are honored. Attorney Inna Fershteyn can help you navigate this process, providing the necessary expertise and personalized attention to create an effective estate plan.

Case Studies

Case Study 1:

A married couple in their late 60s decided to draft a will to ensure their assets were distributed according to their wishes after their passing. They had two adult children and three grandchildren, and their primary assets included their family home, several investment accounts, a vacation property, and personal belongings. Seeking legal advice, they aimed to divide their assets equally between their two children while also providing for their grandchildren's education.

The couple consulted an estate planning attorney to discuss their wishes and the best way to structure their will. The attorney drafted a will that included key provisions: the family home would be left to their children with the stipulation that it could not be sold until both children agreed; investment accounts would be split equally between the two children; a specific amount was set aside for each grandchild's education; and personal belongings and the vacation property were to be divided according to a list the couple created. After reviewing the draft with their attorney and making a few minor changes, the couple signed the will in the presence of two witnesses, as required by state law. They also ensured that their beneficiary designations on retirement accounts and life insurance policies matched their intentions in the will.

After both members of the couple passed away, the will was executed according to their wishes. The process went smoothly due to the clarity and comprehensiveness of the will. The family home remained with the children, who later decided to keep it as a vacation property for the entire family. The grandchildren received their educational funds, and the remaining assets were divided as specified. 

Case Study 2:

A business owner in his early 50s decided to create a trust as part of his estate planning. With significant assets including a thriving business, several real estate properties, and substantial investment accounts, he had three children, two of whom were minors, and a spouse. He wanted to ensure that his assets were managed and distributed in a way that would provide for his family's needs, minimize estate taxes, and protect the business he had built.

After consulting with Estate Planning Attorney Inna Fershteyn, the business owner was advised to set up a revocable living trust. He established the trust with himself as the initial trustee, maintaining control over his assets during his lifetime, and designated a trusted family friend as the successor trustee to manage the trust upon his incapacitation or death. He then transferred ownership of his assets, including his business, real estate properties, and investment accounts, into the trust. The trust included detailed provisions on how the assets should be managed and distributed: immediate access to funds for his spouse for living expenses, educational funds for his minor children, a structured distribution plan for his children with staggered payments at ages 25, 30, and 35, and specific instructions for the management of the business to ensure its longevity. The trust was also designed to take advantage of tax saving strategies, reducing the overall estate tax burden.

When the business owner unexpectedly passed away, the trust provisions were implemented seamlessly. The successor trustee took over management of the trust, ensuring the family was financially supported without delay. The business continued to operate smoothly under the management plan outlined in the trust, and the structured distribution plan provided the children with financial stability and guidance.

Estate Planning: What is a Living Trust and How Can You Benefit From It?

WILLS AND TRUSTS ARTICLES

WILLS AND TRUSTS TESTIMONIALS

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5/5 Stars

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