Last Will and testament
Will also called last will or testament is an estate document used to implement your wishes when you are no longer alive. A will allows you dictate what happens to your estate and how the family you left behind should be cared for. Aside these you can use the document to name a guardian for you minor child. The last will is perhaps the most common estate plan. Even with that you need to make sure that the document is properly created. To create a Will according to New York State standards, it is best to consult an estate planning attorney near you.
Living trust is one of the most essential estate document. A trust is a document that allows you transfer estate properties to desire beneficiary, make plans towards what happen to your estate when you are unable to manage them. Typically, a living trust is an extensive estate plan document that covers or can be utilized when you are alive and well, when you become incapable of managing your affairs (financial, personal) and lastly when you die. There are two major type of living trust. The revocable living trust and the irrevocable living trust. These different trusts still serve the same purpose of protecting your estate and also beneficiary, however, they do so in different manner.
Protect your estate properties with a trust document
No matter how large your bank account is, or how many properties you have, you don’t want someone wrongfully claiming ownership on your hard earned assets. Thus, you need an estate plan. Assets protection is perhaps the very first reason most people often consider when meeting an estate planning attorney for the first time. There are several estate document that suit whatever estate protection you need. The living trust, irrevocable trust, AB trust among other documents meets all sort of assets protection documents. However, consulting an estate planning attorney near you will do better good, as you will guided to only the suitable document.
To protect assets beneficiaries.
Parent, guardians often times have assets they would like to give to desired beneficiaries, however, the named beneficiaries may be underage or ineligible to possess such asset at that time. An estate plan document will help protect this asset in the beneficiary and ensure that at the right time, it get to the rightfully named owner. Also, with an estate document, you can name a guardian for your minor beneficiary. The guardian will take responsibility of the child’s care both while you are there or no longer available. In most states, just like the New York, a guardian or conservator is advised for minor beneficiaries to take care of financial and personal affairs. As such, to prevent expensive court supervised guardianship or naming someone you wouldn’t approve of as a guardian, you need an estate planning document.
Probate is a court process of verifying the authenticity and validity of an estate document. Usually, this process takes a lot of time. While some probate process take up to 3 or 4 weeks, some could end up going on for several months. Typically, the length of probate depends on the complexity of the estate and documents involved. Other factors such as will contest; family feud may influence the period. However, with a well document estate plan, probate can be avoided. Even if not totally avoided, it will be an easy short process. Most people having heard of horrifying probate experience definitely try all to avoid probate. An estate planning attorney will help you create proper estate plans to steer clear of harsh probate.
Stay clear of excessive estate taxes.
An estate plan document can help prevent or significantly reduce excessive federal and state taxes on your estate. Just like other states in the US, taxes are incurred on estate properties. To avoid legal issues or even probate you need to adequately follow the state’s laid down estate tax regulation. However, with basic document such as AB trust, revocable living trust married couples can prevent high taxes incurred o large estate. Other more estate planning techniques can help individuals pay less fee on estate or even in process of passing estate properties to beneficiaries.