Will vs. trust: which one does your family need?
Almost every family asks this first. The honest answer is that a will and a trust do different jobs, and the right choice depends on what you own, where you own it, and how much friction you want to leave behind. This article is written for New York clients.
What a will does
A will says who inherits, who serves as executor, and — critically for parents — who raises your minor children. It only takes effect at death, and it works by going through Surrogate's Court. A will-based plan is usually the right fit for younger families with modest assets who mainly need guardianship and clear instructions in place.
What a revocable living trust adds
- Bypasses probate for anything properly titled in the trust
- Keeps your affairs private instead of on the public record
- Works during your lifetime if you become incapacitated, not only at death
- Handles out-of-state real estate without a second court case
- Lets you stagger inheritances instead of handing a lump sum to a young adult
The part people get wrong
An unfunded trust protects no one. If the house deed and the brokerage account are never retitled, the trust is an empty box and the estate goes to court anyway. Funding is part of the work, not an afterthought.
How to choose
- Own a home, or property in more than one state? Lean trust.
- Want privacy, or have a blended family? Lean trust.
- Young children and few assets? A strong will-based plan may be enough for now.
- Either way, you still need powers of attorney, a health care proxy, and HIPAA forms.
Want this handled properly?
Watch Estate Planning Essentials, or book a Peace of Mind Planning Session and leave with a customized Family Protection Blueprint™.
This article is general information about New York law, not legal advice, and reading it does not create an attorney-client relationship. We serve clients in New York; if you need help in another state, we can refer you to a trusted estate planning colleague.