Have you eventually decided to create a will and a trust to secure your estate and ensure that your wishes regarding your estate are documented? You will need to contact a will and trust attorney, New York, for assistance, because, trust me, you don’t want to leverage any online tool especially when setting up a trust.
Why do 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 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.
- 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.
- Your heirs will have a faster and easier time getting access to your assets.
- You can save a lot of money on estate taxes. In addition, you can offer gifts and make charitable donations, which can help reduce or eliminate estate taxes.
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?
When you hear the terms “Trust” or “trust fund,” the first thing that may come to your mind is a rich family in a huge mansion with inherited assets transferred from generation to generation. But, you don’t have to be a relative of Elon Musk, or Jeff Bezos to set up and benefit from a trust.
A trust can be defined as a legal vehicle that allows a third party, also known as a trustee, to hold and manage assets in a trust fund on behalf of a beneficiary. A trust helps widen your options when it comes down to managing your assets, whether you are trying to protect you assets from taxes or you wish to transfer them to your heirs.
A trust can be set up of several purposes, and there are several types of trusts. Generally, however, there are two categories; living and testamentary. A will can be used to create a testamentary trust. You can as well create a trust for the main purpose of stopping your estate from undergoing probate. The trust used for such purpose is widely known as a revocable 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.
Always have it in mind that a judge can deem your will invalid if he or she believes that it wasn’t created using the laid down principles. If this happens, it means it would be assumed that you died intestate (without a will). So, to avoid this, ensure you hire a competent will attorney, New York.