No two individuals are exactly the same with regard to their estate planning goals. Although wills can certainly be helpful estate planning tools for many people in New York, trusts also offer many benefits. Here is a look at why many estate owners are turning to revocable trusts, in particular, to safeguard their assets.
When the grantors of revocable trusts die, their trusts will continue to carry out their wishes. A major advantage of revocable trusts is that the assets placed in them bypass probate when the trustor passes away. This is beneficial in that probate is generally a time-consuming, expensive and public proceeding.
Revocable trusts also offer the benefit of providing privacy. This is because trusts allow families to keep their estate-related affairs from becoming public record and thus ending up in their local newspapers. These types of trusts also make it unnecessary to have more than one estate administration if a deceased individual owned property in more than one state. A trust can hold title to the properties so that the probate processes of individual states do not have to be involved.
Creating wills and trusts can understandably be complicated, especially for those with a large number of assets or assets that are high in value. Unfortunately, creating an estate plan incorrectly may mean that a person's assets might end up in unintended hands after the individual's death. Fortunately, an attorney in New York can help a client protect his or her assets long term through well-thought-out estate planning.