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Important benefits of a trust

Many New Yorkers think that setting up a will is enough for their estate plans. However, these individuals might be able to benefit even more from setting up a trust. Let's discuss some of the most important benefits of using a trust in estate planning.

First, trusts are a great way to bequeath assets to your heirs in a quick, efficient and private way. Revocable trusts offer privacy because they do not need to be filed with your local probate court, and they will never become a part of the public record. Meanwhile, if you draft a will, it will eventually become publicly available and searchable.

Another advantage of a trust is that the property that you transfer into the trust will not be subjected to probate proceedings. The property inside the trust and its distribution to heirs will simply be managed the trustee that you named to manage your trust in the event of your incapacitation or death. Furthermore, if you are incapacitated, the trustee can assume control of the trust without the need for the court to appoint a guardian.

You may also use a trust to preserve certain assets for your children, so that the assets do not become the property of your spouse after you are gone in the case of a second marriage. For example, if your surviving spouse remarries, there is the danger that your children might lose access to their inheritance. A trust can be created that provides a second spouse with income after death, but designates that the bulk of the estate will be passed down to one's children at a certain time.

There are a lot more advantages to using a trust. By speaking with a New York trust planning attorney, you can find out how you and your loved ones to benefit from a uniquely crafted trust.

Source: CBS News, "5 reasons you need a trust, not a will," Sep. 17, 2015

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