New York City estate planning attorney Yana Feldman (https://yanafeldmanlaw.com/living-trust-vs-will-whats-the-difference-which-is-right-for-you/) of New York Legacy Lawyers has released an informative article discussing the difference between living trusts and wills. The article is titled “Living Trust vs. Will: Understanding the Key Differences” and seeks to educate individuals on the benefits and drawbacks of each option when it comes to estate planning.
As a seasoned New York City estate planning attorney, Yana Feldman understands the importance of educating her clients on their options. In the article, she emphasizes the differences between living trusts and wills, stating that “both documents are essential estate planning tools that serve different purposes. While a will allows you to distribute your assets after your death, a living trust allows you to manage your assets during your lifetime and distribute them after your death.”
New York City estate planning attorney YanaFeldman goes on to explain the advantages of a living trust, highlighting the fact that it allows for greater flexibility and control. “With a living trust, you can retain complete control over your assets during your lifetime, including the ability to manage and invest them as you see fit. Additionally, a living trust can help you avoid probate, which can be a time-consuming and expensive process.”
However, Feldman also notes that there are drawbacks to a living trust, including the fact that it can be more expensive to set up and maintain than a simple will. “Living trusts can require more work and expense upfront, including the need to transfer assets into the trust, but the benefits can often outweigh the costs,” she explains.
In the article, Feldman also delves into the specifics of how a will and a living trust differ in terms of the distribution of assets, privacy, and the ability to make changes. She stresses the importance of consulting with an experienced estate planning attorney to determine which option is best for each individual’s unique circumstances.
Overall, the article serves as a valuable resource for anyone considering their options for estate planning in New York City. It provides clear and concise information on the key differences between living trusts and wills, allowing individuals to make informed decisions about their future plans.
As Yana Feldman notes, “Estate planning is not one-size-fits-all. Every individual has unique circumstances that need to be taken into account when creating an estate plan.” By understanding the differences between living trusts and wills, individuals can make choices that reflect their specific needs and goals.
Lastly, the article released by New York City estate planning attorney Yana Feldman is an essential resource for anyone looking to create an estate plan in New York City. It provides valuable insights into the benefits and drawbacks of living trusts and wills, allowing individuals to make informed decisions about their future plans. For those interested in learning more about estate planning, Yana Feldman and her team at New York Legacy Lawyers are available to provide guidance and support.
About New York Legacy Lawyers:
New York Legacy Lawyers is a boutique law firm that focuses exclusively on estate planning, probate, and trust administration. Led by experienced estate planning attorney Yana Feldman, the firm is committed to providing personalized and comprehensive legal services to individuals and families throughout New York City. With a deep understanding of New York estate law, the team at New York Legacy Lawyers is dedicated to helping clients achieve their estate planning goals with ease and peace of mind.
New York Legacy Lawyers by Yana Feldman & Associates PLLC
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Bengaluru Bytes journalist was involved in the writing and production of this article.