In many cases, the first stumbling block for people in New York who want to get their estate planning done is understanding the different options. Some think they have to choose between trusts and wills, not realizing that they can have both. Many people choose to incorporate trusts along with their wills because it could ensure the proper execution of their orders.
While it is crucial to have a will, it is essential to know that its purpose is only served after the testator’s death. On the other hand, a trust can be valuable while the benefactor is still alive. A will rules the distribution of assets after death. In contrast, trusts can protect assets during life. A trust becomes effective upon creation and as soon as it is funded.
Before a will can be executed according to the wishes of the testator, it must go through the probate court. A living trust is not subject to any court proceedings, and it remains effective throughout the person’s life, through incapacity and after death. Another crucial part of estate planning is appointing a durable power of attorney, which is essential to provide during possible incapacity or disability.
Estate planning is complicated and not a task to take lightly. For that reason, many people in New York choose to utilize the services and skills of an experienced estate planning attorney to provide the necessary support and guidance. A lawyer can explain the need and purposes of drafting wills and also how trusts can be used to protect assets in life and death.