Brooklyn estate planning lawyer Yana Feldman (https://yanafeldmanlaw.com/living-trust-vs-will-a-look-into-the-best-choice-for-your-situation/) of New York Legacy Lawyers has released a new article discussing the differences between living trusts and wills. The article explains the importance of understanding the differences between the two in order to make informed decisions about estate planning.
According to the Brooklyn estate planning lawyer, “Many people believe that wills and living trusts are interchangeable, but that is not the case. Each has its own unique benefits and drawbacks, and it is important to understand these differences before making any decisions about your estate plan.”
The article from the Brooklyn estate planning lawyer highlights that a will is a legal document that outlines how a person’s assets will be distributed after they pass away. It is a simple and straightforward document that is often used as a starting point for estate planning. However, it may not be sufficient for complex or large estates, and it may also be subject to probate court.
On the other hand, a living trust is a legal document that establishes a separate legal entity to hold and manage a person’s assets. This allows for greater control and flexibility in estate planning, and it can also help avoid probate court. However, it may require more effort and expense to set up and maintain.
Yana Feldman emphasizes that there is no one-size-fits-all solution when it comes to estate planning. “Every person’s situation is unique, and it is important to work with an experienced estate planning lawyer to develop a plan that meets your specific needs and goals.”
Furthermore, the lawyer says that Many couples may have a 401K or life insurance policy that they wish to leave for their children, in case they do not live long enough to retire. If they only have a will, the funds will be given to a court-appointed guardian who will manage them until the child reaches 18 years old. However, if they establish a revocable living trust, a trustee can manage the funds after their death. This option allows the couple to decide when and how their child will receive the funds, whether it is at the age of 18, 25, 30, or through some other criteria.
The article also touches on the importance of updating estate plans regularly to reflect changes in life circumstances, such as the birth of a child or a change in marital status.
In conclusion, Brooklyn estate planning lawyer Yana Feldman’s article provides valuable information on the differences between living trusts and wills. As she notes, it is important to understand these differences in order to make informed decisions about estate planning. Anyone who is considering estate planning should seek the guidance of an experienced lawyer to ensure that their plan is tailored to their unique circumstances.
About New York Legacy Lawyers:
New York Legacy Lawyers is a law firm that specializes in estate planning, elder law, and trust administration. With offices in Brooklyn and Manhattan, the firm serves clients throughout the New York City area. Led by founding attorney Yana Feldman, the firm provides personalized, compassionate legal services to help clients plan for the future and protect their legacies.
New York Legacy Lawyers by Yana Feldman & Associates PLLC
132 32nd St
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Ahmedabad Local journalist was involved in the writing and production of this article.