What's the Difference Between Revocable Trusts & Wills?

We need Wills or Revocable Trusts. If we don't prepare and execute such documents, we may die “intestate.” That is, we leave no documentation to explain how our assets should be handled. Without a Will or Revocable Trust the disposition of our estate will be left up to our state’s laws. Wills and living Revocable Trusts enable us to provide for our beneficiaries and direct how our property will be distributed after we die. With living Revocable Trusts, we turn over some or all of our property to the trustee (that would be you or your spouse or a trusted friend) who will have full control of the property while you’re alive. With a Will, we keep our property in our own name while we are alive. Finally, living Revocable Trusts also let us spell out how we want our property managed if we become disabled during our lifetime. We can't do this with a Will.

An attorney can assist with preparing documents such as a Will or Revocable Trust so that a person’s intentions are accurately spelled out.

Regardless of the size of an estate, most adults — young and old — and their families benefit greatly from having a well-prepared estate plan consisting of documents such as a: Last Will, Health Care Proxy, Power of Attorney and Living Will. I have many years of experience working with and advising clients in the creation and implementation of plans that effectively express the clients’ personal desires regarding the disposition and protection of assets while providing potential tax advantages and security for family and beneficiaries.

Please come in to my office for a free consultation and meet with me to discuss your options. To contact my office located in Manhattan call (212) 355-2575.