Legal Question in Wills and Trusts in New York

The best vehicle is to create a living trust during your lifetime. If you do this correctly, many benefits can be obtained beyond what you want to accomplish. Contact me directly if you need more information or assistance.

You are really asking for information about what to do to accomplish two different goals.

If you have minor children and are concerned what would happen if both you and your spouse were not able to care for them, you need to either create a Designation of Guardian or a Will, which names a guardian for minor children. This will take care of the issue of physical custody and ensure that they would not go into foster care, even for a limited amount of time.

The other issue you have raised is how to protect your estate. A will will distribute your estate on you death, but will not protect it while you are alive. A trust, which can be revocable or irrevocable, may be the best option for you as it can help with minimizing or eliminating estate taxes. Ideally you would have both a will and a trust, done together with the appropriate tax planning and taking into account your family's circumstances.