What to Know about Wills vs. Trusts

Patricia Marcin is the author of a monthly guest column appearing in The Suffolk Times and the Riverhead Times Review.

I am often asked about the difference between wills and revocable trusts. It’s one of the most common estate planning questions I hear, especially here on the North Fork, where many families are thinking about how to pass along homes, savings or family businesses. The answer is simpler than you might think. Wills and revocable trusts basically do the same thing: They are documents that give your assets to your beneficiaries upon your death. Both can be revoked and changed at your discretion. In fact, a revocable trust is also known as a “will substitute.”

Read More