Wills Trusts and Estates
One of the most common misconceptions about estate planning is that it is exclusively for the wealthy or elderly. Estate planning is actually a great option for anyone who has assets, family, children or specific wishes for after they pass.
For experienced guidance with wills, trusts, and all matters of estate planning, trust our skilled team at The Law Offices of Karl Brodzansky. For more than 30 years, our Nassau County estate planning lawyers have provided a high standard of legal counsel to clients in Long Island.
WILLS VS. TRUSTS: WHICH IS RIGHT FOR ME?
It depends. Each have their own benefits. Trusts avoid probate, its attended costs and public record. But, trusts require renaming assets, which will cause a loss of certain real estate benefits, like Star, and Veteran's deductions. It is best to have both. If you do not have a complex estate, a will is generally sufficient and less costly.
Virtually everyone should have a last will and testament, as it can cover broader requests and instructions after your death than a trust alone. Especially if you have young children, a will gives you the ability to nominate guardians for them. In most cases, trusts are a superior option for the transfer of assets, but should generally be paired with a will to handle any spill-over.