New York residents who are thinking about setting up or updating an existing estate plan may be interested in the types of trusts available. These trusts, if created correctly, can help to minimize the tax burden on the estate and its beneficiaries.
There may be confusion for New York residents who view a will and a revocable trust as being the same. While the purposes are similar, the decision to use one or another of these estate planning tools can affect the time and privacy involved in settling an estate after one's death. In both cases, an individual may determine how assets will be distributed. However, estate administration is very different for trusts and wills. Whereas a will goes through the probate process, an effort which can often take months to complete, a trust may allow the probate process to be avoided.