Will Vs Trust In New York

Transcript:

Will Vs Trust In New York

My friend Jerry recently asked I have a will but my friend Rich who’s about the same age, also has young kids, and has about the same assets got a trust instead.

Why do we have different plans?

Good question.

The reason most folks set up trusts is to avoid probate after their death.

Probate is a court process that the surviving family has to go through to settle final affairs.

It can be a potential headache and it’s matter of public record, so perhaps Rich wanted to make rock-solid sure that his family didn’t have any headaches or perhaps he has a high value on his privacy.

I reminded Jerry that trusts are somewhat of a headache to set up and maintain and Jerry, being in his early 40s had decades left to live, so perhaps Jerry had made the decision not to spend the next several decades of his life maintaining a difficult trust just to avoid a possible headache later.

Hope you found this helpful. Take care.

[Previously posted on YouTube]