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ILITs Unveiled: Estate Planning
Estate Planning

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Why Is Everyone Talking About ILITs? In the evolving landscape of estate planning, Irrevocable Life Insurance Trusts (ILITs) have emerged as a buzz-worthy topic among

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About Elder Law in New York
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Estate Planning
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Article 81 Guardianship New York
Estate Planning

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Is trust better than inheritance?
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Can I do my own probate?
Estate Planning

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An Overview Of Elder Law In 2024
Estate Planning Law

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How do I organize my estate documents?
Estate Planning

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Main Types of Wills

There are four main types of will, testamentary tryst, joint, and living. Other types of wills are holographic wills, oral wills, pour-over wills, mutual wills, etc. Your situation will determine the type of will to create. Here are some basic info to help you choose the type of will that is best for your circumstance.

  • Simple will

A simple will is very common. It is the will that most individuals associated with the word “will.” Through a simple will, you can designate beneficiaries of your assets, your estate executor, including a guardian for your minor children. Writing a simple will can be very simple. In fact, some people leverage online tools when drafting their will. But, sometimes, you may need legal advice from a wills attorney.

  • Testamentary Trust Will

A testamentary trust will places some assets into a trust for the benefit of your beneficiaries and designate a trustee to manage the trust. This will come in handy if you have beneficiaries who are not adults or who you don’t want to handle your assets individually. Through a testamentary trust will, you can place assets in trust and draft conditions on the inheritance, which may be gradual according to age or other factors.

  • Joint Will

A joint will is signed by two or more individuals as a separate will for each testator. Generally, a joint will is created by spouses in favor of the other spouse to inherit all their assets. The terms of a joint wills, including executors, beneficiaries, and other provisions cannot be altered after the death of one of the testators. Due to its rigidity, joint wills can become a headache for the surviving spouse, as their wishes may change.

  • Living Will

Unlike other types of wills, a living will has nothing to do with sharing your assets after your death. Instead, this will allows you to select what medical treatments you want to have should you become incapacitated. In a living will, you may also designate an individual to make choice for you. In some states, an advance healthcare directive merges a living will and a healthcare power of attorney or proxy, so it is important that you grasp your state’s law on this matter.

Worth of note is that, you can have more than one will simultaneously and different wills can all be valid. A living will, for instance, can legally co-exist with a simple will as they serve diverse purposes. The help of a competent wills attorney can be priceless in selecting the right type of will for you. Ensuring that you do the right thing now can make a massive difference for your loved ones after your death.

Do I need a trust attorney, New York, to set up a trust?

Of course. It is important that you hire an attorney to draft your trust. Only a competent attorney can assist you in creating a trust that would afford you the complete benefits of the trust. Trusts are always created to reduce taxes, safeguard assets from creditors, and preserve eligibility for government benefits. These goals requires knowledge of government benefits and a good understanding of what types of trusts and drafting techniques to hit your set goals.

What do trust attorneys charge to create a trust?

A trust attorney fees isn’t fixed, it depends on a lot of factors such as the attorney’s drafting experience, the location and size of the attorney’s firm, the reputation of the firm, the size of your estate, the type of trust to be created, and the nature of your circumstances and goals.

For instance, it might be expensive to create a trust for A, whose estate is twenty five million dollars more than the estate tax exemption rate, than for B, whose estate is two million dollars greater than the estate tax exemption rate, as more effort will be needed to reduce A’s estate tax liability.

A lot of trust attorneys charge a flat rate for creating a trust. New York trust attorneys often charge an individual between $2,000 and $5,000 for a revocable trust, which is arguably simpler than its counterpart, irrevocable trust. More complex trusts, including different types of irrevocable trusts, can range in price between $2,500 and up to $10,000 or above, depending on your goals, situation, including the size of your estate.

Before you hire a trust attorney, New York, always ensure that you ask about their fees.

Do you need to create a will but don’t know how to get started? If you reside in New York, ensure you contact a wills attorney, New York. If it is a trust you wish to set up, don’t hesitate to contact a trust attorney, New York.

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