Estate planning involves the creation of a will, a trust, and other important estate planning documents like a power of attorney, letter of intent, healthcare power of attorney, beneficiary designations, etc. In this article, I’ll brief you on wills and trust.
What is a Will?
A will is a document that contains the wishes of the estate owner. This document usually contains the names of all estate beneficiaries, the deceased assets, the name of the estate executor, including other important information regarding the estate of the deceased. After the death of the estate owner, the estate executor is to submit the will to the probate court to begin the probate process.
In the event that the deceased failed to draft a will, the estate of the deceased will be shared based on the intestate laws of New York, or whichever state the deceased resides in. If you need to draft your will, don’t hesitate to contact a will attorney, New York, if you reside in the City.
Reasons why you need a will?
Some individuals think that a will is only meant for the very wealthy or those with complex assets. But, there are a lot of good reasons why you need to contact a will attorney and prepare your will. Here are a few of these reasons:
- You can protect your assets from the hands of individuals you don’t want to have them (like creditors or estranged relative)
- You and designate a guardian for your minor children. Without a will, the court will decide who will cater to your minor children when you are gone.
- You can indicate how you want your assets to be shared. You can also designed individuals who will inherit your assets including the portion you wish they get.
A written, witnessed will is ideal
To increase the chances that your wishes will be executed, it is important that you create what is regarded as a testament will. A testament will is the most common type of will, you prepare the document and then sign it in the presence of a witness. It is no doubt the best insurance against successful challenges to your wishes by family members or outsiders after your demise. You can draft one yourself but, it is crucial that you allow it to be prepared by a trusts and estates attorney for the best insurance.
What is a Trust?
A trust is an agreement that allows an individual (trustor) to give legal responsibility of their estate to another individual (trustee) for a third party (beneficiary). There are two types of living trust; namely; a revocable and an irrevocable trust.
Do I need a trust in New York?
One of the main benefit of setting up a trust is to ensure that your family doesn’t experience the difficult, time-consuming and expensive probate process which is usually done after your death. However, come to think of it; do you really need to set up a trust? Is it really worth it?
New York doesn’t use the Uniform Probate Code, which adds ease to the probate process. Thus, it would be a wise decision to set up a trust to avoid New York’s complicated probate process.
New York has a less complex probate process for little estates (below $30,000). In the event that your net worth will be below this amount when you die, the probate process will be simple and very cheap, so you may not need to worry about skipping the probate process with a trust.
Who is a Trust Attorney?
A trust lawyer is a lawyer who helps individuals set up trusts for their estate. This professional also provide advice and recommendations to individuals who wish to set up trusts. A trust lawyer can help you set up a trust that aligns with your wishes.
Who is a Will Attorney?
A will attorney is a lawyer that specializes in the creating of wills for individuals. These professionals have the experience, knowledge and resources needed to help you create a will that mirrors your wishes and adheres to the guidelines of the state government.
Contact a will attorney, New York to create a will. If you reside in New York and you need a trust, you can contact a trust attorney, New York for help.