Legal Question in Wills and Trusts in New York

Revocable only avoids probate if no assets are still owned in individual name, but it does ease asset administration. It does not provide the same multitude of benefits that could be accomplished from using an irrevocable trust. A properly drawn irrevocable trust not only avoids probate, but may also provide additional benefits such as asset protection from creditors, death tax savings and possible income tax savings for the family, but it has some limitations also. Best advice is to discuss this with an attorney well versed in estate, trust and tax laws.