A revocable living trust allows assets within the trust as well as income generated by those assets to be managed and distributed by the trustee. The trust income and property are then distributed in accordance with the terms and conditions of the trust. This type of trust is referred to as a living trust because it is established during the life of the creator.
In New York State, a will is a written document that must contain a signature at the end witnessed by two people. The purpose of a will is to name beneficiaries who will receive property after your death. A will is revocable and can be destroyed by a physical act such as burning or tearing, by operation of law such as divorce, by presumption (for example, after your death the will cannot be found), or by a subsequent will. Accordingly, a will may be revised many times during one’s life. In a will, an executor for the estate and guardians for children may be named, and instructions for wishes to be carried out may be listed. Upon death, a will goes through the probate process and becomes a public document.