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When do you Need a Will? A Trust? 

While many people in New York have a Last Will and Testament, the use of a Trust as an alternative is growing. Trusts can provide a way to care for a loved one (either during their lifetime or afterward), preserve assets or benefit your favorite charity. 

In addition, if your assets pass primarily through a Will, your beneficiaries will have to wait for the County of the deceased to enter the Will into Probate, which can be long, especially in the case of second marriages and domestic partners. Once Probated, your Will becomes a matter of public record, which you may want to avoid. 

Deepankar will help frame the decision on a Will vs. a Trust within the context of a multi-faceted estate plan.  

Clients often engage our office to develop:

  • A Last Will and Testament – Deepankar will help you with many decisions, including designating select property to certain beneficiaries, naming executors, and designating a Guardian for any minors. He will ensure that the Will is duly executed according to applicable State law.

  • Revocable (or Living) Trusts – This is a legal document by which you (the Grantor) transfer some or all of your assets into a legal entity known as a Trust to plan for your incapacity, charitable giving, or to avoid Probate. A revocable Trust can be changed or canceled at any time.   

  • Irrevocable Trusts – Similar to a Revocable Trust, but these cannot be modified or terminated without the permission of the grantor's beneficiary or by the order of a court.  In some cases, Irrevocable Trusts may shelter your assets from Medicaid claims. 

  • Special Needs Trust (SNT) – These are designed to preserve a disabled beneficiary’s eligibility for government benefits such as Medicaid or SSI.

Why You Should Engage Deepankar Mukerji for Your Will or Trust

As the architect of your Will or Trust, Deepankar: 

  • Listens carefully and patiently explains the options

  • Helps fit the Will or Trust into your Estate Plan or plan for Long Term Care

  • Customizes a solution for you, while also drawing on decades on experience with hundreds of clients 

Still unsure about a Will vs. a Trust? Contact Deepankar for a consultation. 

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