A will is an important component of a New York estate plan, but sometimes, you may have estate planning goals that a will does not allow you to accomplish. Sometimes, trusts may enable you to make specific estate planning moves you may not be able to do through a traditional will, and there are many different types of trusts out there to accommodate your specific needs.
According to Kiplinger, when you create and move assets into a trust, you also need to appoint someone to serve as a trustee over it. The trustee makes sure your wishes come to fruition when it comes to making distributions from the trust. What might you be able to do by establishing a trust that you may not be able to do with a will?
A trust makes it easy for you to give beneficiaries assets only when certain conditions come to be first. Say you have a son or daughter who has problems with alcohol, drugs, gambling or overspending. You may use the trust and instruct the trustee to only give that individual asset once he or she gets clean or otherwise meets certain terms you decide upon.
Protect assets or public benefits eligibility
Many people also create trusts as a method of protecting assets or public benefits eligibility. If someone wins a judgment or lawsuit against you, any assets you enter into the trust beforehand are untouchable. Assets you place into a trust also do not factor in during means-testing for public benefits programs.
This is just a brief summary of some of the many things you may be able to do by including a trust as part of your estate plan.