Identifying The Estate Planning Tools That Meet Your Needs
Wills and trusts are fundamental estate planning tools. Not only can a will help provide you with peace of mind that your wishes will be carried out when you pass away, but also a trust allows for the safe transfer of assets while you are still alive and to bypass the time and expense of probate once you are gone.
However, in order to have a will or trust function properly when it is eventually needed, you need an experienced Schenectady, New York, wills and living trusts lawyer from Higgins, Roberts & Suprunowicz, P.C., on your side to make sure every detail is attended to and the document is executed properly.
What Are The Benefits Of A Will?
A will directs a specific person or entity (executor) to handle all aspects of your estate, including, distributing your personal property, paying creditors, closing accounts and reporting to the court during probate. A will also clearly identifies which people, charities or others (beneficiaries) should receive each asset. Additionally, a will communicates your wishes concerning guardianship of your minor children and other sensitive issues.
Without a will, your assets will be divided according to the New York state intestacy laws and may not be distributed as you intended. A will is a cost-effective way to avoid this result. It can also avoid conflict once someone has passed, which will save everyone involved time, money, stress and heartache.
Why Choose A Trust?
Our lawyers can also help you use testamentary trusts and living trusts to transfer assets, if this estate planning mechanism is appropriate. Trusts have many benefits, including:
- Avoiding the time, expense and public nature of probate by directly transferring an asset to an intended recipient
- Assets can be transferred to another before someone passes away
- Protecting children from a previous marriage
- Ensuring financial needs of a minor are met
- Estate tax, gift tax and income tax mitigation
Even as circumstances change, our attorneys are always ready to amend documents and provide valuable insight about other options that will help you accomplish your estate planning wishes.
Saratoga County Probate Law Firm
When the time comes where estate and trust administration is needed, we help the executor file the will into probate and ensure that the will is followed properly. We also help trustees and other appointed representatives carry out the provisions of trusts.
Contact Higgins, Roberts & Suprunowicz, P.C., at 518-631-5609 for a personal meeting. Depending on the details of your legal matter, we may be able to offer you a free consultation with one of our experienced Schenectady, New York, wills and living trusts lawyers.