Wills vs. Trusts: Choosing the Best Path
Understanding How Estate Structure Impacts the Speed and Privacy of Brooklyn Property Sales.
Mendy Lipsker
Broker of Record
Me***@*********ty.com
Estate Liquidation: Speed vs. Oversight
One of the most frequent questions we receive at Mendy Realty is whether a property should be held in a Will or a Revocable Living Trust. While both documents help distribute assets, they function very differently when it comes time to sell. In Kings County, the structure of an estate directly impacts the speed and privacy of a real estate transaction.
The Probate Journey (Wills)
A property left through a Will must go through probate in the Surrogate Court. This is a public process, meaning your home’s value and beneficiary details become public record. Executors often wait months for legal authority before they can even list the home for sale.
The Trust Advantage
Properties held in a Revocable Living Trust avoid probate entirely. A successor trustee has immediate legal authority to sell without waiting for a judge. This is vital for commercial assets or multi-family buildings with high carrying costs for taxes and insurance.
Protecting the Fiduciary
Even with a trust, the trustee has a fiduciary duty to sell at fair market value. Disputes arise if the property is sold below rate. We mitigate this through:
- Data-Backed Valuations: Satisfying beneficiary concerns to prevent litigation.
- Transparent Accounting: Providing the audit trail required for fiduciary reporting.
- Market Velocity: Bridging legal requirements with the fast-paced Brooklyn market.
