For some people in New York who are creating an estate plan, a trust might be a better choice than a will. With a trust, the cost and time of probate can be avoided and assets can be passed directly to beneficiaries. In addition, a trust can help beneficiaries avoid estate tax.
Trusts can be used to protect assets in a number of ways. For example, a trust can shield assets from creditors or even from a spouse in a divorce. A trust can also provide support for a loved one who has disabilities and does not want to jeopardize their government benefits. The trust can pay for many expenses that the benefits do not cover.