Choosing Between Wills and Trusts for Estate Planning in NYC
When it comes to planning your estate in New York City, one of the most crucial decisions you’ll need to make is whether a Last Will and Testament is sufficient or if establishing a Trust would better suit your needs. Both wills and trusts are essential components of estate planning, each offering unique benefits and drawbacks within the legal and financial landscape of NYC. At Morgan Legal Group, a reputable estate planning law firm in New York City, we often assist clients in navigating the decision-making process between wills and trusts. This article aims to provide a comprehensive comparison of wills versus trusts in NYC, highlighting their features, advantages, disadvantages, and typical costs. Our goal is to empower you with the knowledge needed to choose the estate planning tool that best protects your assets, provides for your loved ones, and secures your legacy.
The Role of a Last Will and Testament in NYC
A Last Will and Testament remains a cornerstone of traditional estate planning for many NYC residents, outlining how assets should be distributed after death. Understanding the
