Alatsas Expert Wills & Trusts Advice to Avoid Probate Is the Best Estate Planning You Can Provide

 

 

 

If you were to die without a will, your assets would be passed according to intestate succession rules. These rules generally allow your closest living relatives to inherit your assets. The court would appoint an executor for your estate and a guardian for your children.

Trust 

A trust can be used for a number of purposes:

• Protect assets. 
  • Asset protection tools because the assets contained in the trust are no longer legally owned by you.
  • This prevents them from being seized by creditors or subject to legal judgments.

• Minimize taxes.
  • Trusts can be used to minimize taxes
  • Prevent your assets from going through the probate process
  • Protect your personal privacy

• Prevent mismanagement of assets.
  • Have greater control over how your beneficiaries will spend the assets
  • Avoid poor decisions based on age, mental health, addiction or a past history

• Provide for a loved one with special needs.
  • Physical or mental disability-shelter their claim to valuable government benefits.
  • Pay for expenses that will improve their quality of life
  • Allow them to access necessary healthcare services

• Support charitable giving.
  • Leave a lasting legacy for a cause that you support. 

Please keep in mind that a trust is not a substitute for a will. A trust expands your estate planning options, but you will still need to create a Last Will and Testament.

To learn more about our probate-avoidance plans, click here.

How Estate Planning Protects Your Loved Ones

Estate planning is an absolute necessity for New Yorkers of any age, no matter your wealth level or current health status. Dying without an estate plan in place can leave your children and spouse in limbo—unsure of how to cover costs or what will remain within the family at a time when they are already in a state of grief. 

You can start working with an experienced attorney today to craft a comprehensive estate plan that covers:

• Assigning guardianship for children

• Creating trusts for dispersing assets according to your wishes

• Drafting a will and naming an executor

• Ensuring heirlooms go where you want

• Granting power of attorney if you become incapacitated 

• Making sure special needs dependents are cared for after you are gone

• Planning for health emergencies with advanced medical directives

• Preparing for long-term care through Medicaid

• Protecting your family by avoiding tax liability