Because everyone's life is different, their estates will also be different. As a result, the tools that suit one person's estate plan may not suit the needs of another person. For some, a simple will can cover the information that the individuals want to include. However, if New York residents would like to take their planning further, they may want to consider trusts.
There are a number of reasons why trusts can benefit estate plans. For instance, they can benefit minor children, those struggling with addiction and individuals with special needs. The trustee will handle the assets according to the terms of the trust to ensure that they are properly distributed and used for their intended purposes. Additionally, a trust can help ensure that a special needs individual does not inadvertently lose government benefits due to an inheritance.
Trusts can also protect assets in various ways. If a person does not want a child's fiance or a spouse's hypothetical new beau to end up with any of the assets, that individual can set up a trust with specific terms to prevent such outcomes. Trusts are versatile tools that can help parties control their assets even after their deaths as well as provide more privacy than having only a will.
Some individuals may be interested in trusts but may think that they are only for the wealthy. That does not have to be the case. New York residents can gain more information on this planning tool and see how it could potentially suit their specific needs.