By Brian Figeroux, Esq.
Estate planning is an essential step in securing your financial legacy and ensuring your loved ones are cared for after your passing. In New York City (NYC), two of the primary tools for estate planning are wills and trusts. Each option provides different levels of control, efficiency, and flexibility when it comes to distributing assets. Trusts often allow for more detailed management of assets and can help avoid the probate process, while wills are simpler, more common, and easier to set up.
For many NYC residents with international ties, estate planning can become even more complex. Individuals who own property or financial assets in the Caribbean, Latin America, or Africa must consider the legal implications of international estate management. In such cases, working with an experienced attorney is crucial.
The Law Firm of Figeroux & Associates specializes in estate planning, helping clients navigate wills, trusts, and international assets. Whether you prefer to meet in person at 26 Court Street, Brooklyn, NY 11242, or consult remotely, the firm offers flexible legal services to accommodate your needs. To schedule an appointment, visit www.askthelawyer.us, call 855-768-8845, or text 718-986-4362.
Understanding Wills and Trusts in NYC Estate Planning
Before deciding between a will and a trust, it’s essential to understand how each document functions and the advantages they provide.
What Is a Will?
A will is a legally binding document that specifies how your assets should be distributed after your death. It allows you to:
- Designate beneficiaries who will inherit your assets.
- Appoint an executor to carry out your wishes.
- Name a guardian for minor children.
- Express your funeral and burial preferences.
However, wills must go through probate—a court-supervised process where the document is validated, and assets are distributed. This can be time-consuming, costly, and subject to public record.
What Is a Trust?
A trust is a legal arrangement that allows a third party (the trustee) to hold assets on behalf of beneficiaries. There are two primary types of trusts:
- Revocable Trust (Living Trust): Allows you to manage assets during your lifetime and seamlessly transfer them to beneficiaries upon your death, avoiding probate.
- Irrevocable Trust: Cannot be modified once established but provides tax benefits and asset protection from creditors.
Trusts are ideal for privacy, asset protection, and controlling distributions over time.
Key Differences Between Wills and Trusts
| Feature | Will | Trust |
|---|---|---|
| Goes Through Probate? | Yes | No (avoids probate) |
| Becomes Public Record? | Yes | No (remains private) |
| Controls Asset Distribution? | At death | During life & after death |
| Incapacity Protection? | No | Yes |
| Costs & Maintenance? | Less expensive initially | Costs more upfront but saves on probate |
| Best For? | Simple estates | Complex assets & privacy seekers |
Why NYC Residents with International Assets Need a Trust
Many New Yorkers have financial ties to other countries, especially in the Caribbean, Latin America, and Africa. This presents unique estate planning challenges:
- Different inheritance laws: Each country has its own rules regarding property inheritance.
- Foreign probate issues: If you only have a will, your assets in another country may require separate probate proceedings.
- Tax implications: Holding international assets may expose you to estate taxes in multiple jurisdictions.
A trust can help by:
- Allowing international assets to be transferred without probate.
- Centralizing estate management, so heirs don’t have to deal with multiple legal systems.
- Protecting assets from international creditors or disputes.
Example Scenario: Managing NYC & Caribbean Property
Imagine you own an apartment in Brooklyn and a vacation home in Jamaica. If you only have a will, your NYC property will go through New York probate, while your Jamaican home must go through Jamaican probate—creating delays, legal fees, and potential conflicts.
By placing both properties in a trust, they can be transferred directly to your heirs without probate, saving time and money.
How Figeroux & Associates Can Help You Plan Your Estate
Choosing between a will and a trust depends on your specific financial situation, goals, and family structure. Figeroux & Associates provides personalized estate planning to ensure your assets are protected and distributed efficiently.
- In-Person Consultations in Brooklyn
For those who prefer to meet in person, the firm’s office at 26 Court Street, Brooklyn, NY 11242, offers a comfortable setting to:
- Review your estate and financial situation.
- Discuss wills, trusts, and international estate laws.
- Draft and finalize estate planning documents.
- Remote Legal Services for Convenience
For busy professionals, international clients, or those unable to travel, Figeroux & Associates offers remote estate planning services, including:
- Phone Consultations: Speak directly with an attorney by calling 855-768-8845.
- Video Meetings: Get expert advice from the comfort of your home.
- Text Support: Send questions and book appointments by texting 718-986-4362.
- Online Scheduling: Easily set up a consultation at www.askthelawyer.us.
Updating Your Estate Plan: When and Why?
Estate planning is not a one-time event. You should update your will or trust when:
- You acquire new assets (real estate, investments, businesses).
- Your family situation changes (marriage, divorce, childbirth).
- You relocate or own property abroad.
- Tax laws change, impacting your estate.
- Your beneficiaries’ needs evolve.
Regular estate reviews with Figeroux & Associates ensure your plan remains effective and aligned with your goals.
Conclusion: Protect Your Legacy with a Will or Trust
Whether you need a simple will or a comprehensive trust, proper estate planning ensures your assets are managed efficiently and according to your wishes.
For NYC residents—especially those with international assets—trusts provide added benefits like probate avoidance, tax advantages, and asset protection. However, for those with smaller estates and fewer complications, a will may be sufficient.
Get Professional Estate Planning Help Today
Don’t leave your estate to chance—consult with the expert estate planning attorneys at Figeroux & Associates today.
Schedule a consultation:
- Website: www.askthelawyer.us
- Phone: 855-768-8845
- Text: 718-986-4362
Ensure your legacy is protected, organized, and legally sound—plan your estate with Figeroux & Associates today!
