NYC Estate Planning Lawyer
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Estate
planning is a legal process where you make an effort to preserve your assets
now, and decide how they will be distributed at your death or during your life.
When done properly it can help to save you and your estate thousands of
dollars, and ensure your final wishes are carried out.
Proper
estate planning will allow you to ensure you are able to control what happens
to your assets now and after your gone. It is the best way to ensure your
specific wishes are followed rather than hoping the courts make the right
choices on your behalf. There are many
benefits to estate planning including minimizing the taxes that are owed,
maintaining privacy for your estate, helping your loved ones avoid probate
court, and much more.
A
Will, or Last Will and Testament, is the most basic step in estate planning. It
will direct what you want to happen to some, or even all, of your assets upon
your death. This is also where you would identify who you want to care for any
minor children should you die before they are fully grown. For many younger
people, a Will is the only estate planning document they need. No matter how
complex your estate plan, however, you'll almost certainly need to have a Will
as a part of it.
A
trust is an entity that exists through a private agreement between trustee - a
person charged with responsibility to holding property for the benefit of
another - and settlor- a person who parts with said property for the benefit of
another (or sometimes, for the benefit of self) Different assets can be placed
into a trust. There are many different types of trusts, each used to serve a
different purpose. Choosing the right trust, or trusts, will help to ensure you
reach your goals.