Wills and trusts are two types of estate planning tools that ensure your assets are distributed in the ways you desire after you're gone. For many people, these documents are essential for creating the legacy they want to leave. But what are the differences between wills and trusts, and how do you know which is right for your estate? Below, the estate attorneys at Brown, Burgoon, & Hartnagel, PC, in Nanuet, NY, provide some answers.

Effective Date

The biggest factor separating wills and trusts is the date at which they become effective. With a will, the document is only enacted upon your death. In no jurisdiction would a will be valid if the signatory was still living. With a trust, the signatory chooses when the terms of the document go into effect. A living will is created with an estate attorney when the individual is still living, and this allows you to transfer your ownership of a specific property into the trust. Upon your death, the property is passed to the beneficiary you’ve named. However, because the trust owns the property, it is not subject to probate like a will is.

Probate

All wills must go through a legal administrative process called probate. This is notoriously time-consuming and costly. Every estate should still have a will, as this document covers the basics of asset division. A trust makes the transfer of ownership much easier by leaving probate out of the equation entirely.

Details

There are numerous details a will can address that a trust cannot. For instance, you can appoint a guardian for your minor children as part of a will and include your funeral plans or wishes for burial or cremation. A trust is only for property ownership and does not offer this flexibility or versatility.

To learn more about wills and trusts, contact the estate attorneys at Brown, Burgoon, & Hartnagel, PC. Since 1992, they have been representing clients throughout Rockland and Orange Counties in estate planning, personal injury, taxation, and family law matters. Call (845) 624-1966 or visit their website to set up a consultation.