Creating an estate plan may mean deciding whether to use a will or a trust or both. A will may be best for sentimental items and items that have lower value. However, New York residents might want to consider placing their most valuable assets, including a home, into a living trust.
With trusts, assets usually pass more quickly to beneficiaries because they do not have to go through the probate process like a will does. For a person who owns property in more than one state, there could be multiple probate proceedings. A trust bypasses all of this and also allows privacy. A will, in contrast, is a matter of public record.
