As New York residents seek information about estate planning, they may wonder why so much attention is given to living trusts. According to experts, these tools for estate planning may not avert all possible financial problems for survivors nor protect prized assets from being distributed differently than intended, but they may enable benefactors to address delicate situations with a level of privacy not afforded by the probate process that a will requires.
In some cases, New Yorkers go through the process of having a will drafted, but they neglect to update it after certain life changes have occurred. Additionally, individuals may feel uncomfortable discussing their estate planning process with loved ones, potentially leaving loved ones in the dark. Disclaimers can assist both the grantor and the named recipient of gifts and bequests.