At any time during your life, you may realize your business and home are organized, but your death is not. Once you recognize that fact, you may gather up your papers and rush to an attorney to help you set up the necessary documents. However, if you want the best representation and creation of protective files, contact an estate planning attorney. Here are four ways you can organize your life to protect your assets.
A will is a document that legally defines your post mortem wishes regarding your property and assets. The document can define how your property will be distributed, who will care for your minor children, and what relatives will inherit what. If you die without a will, the courts are left to decide who gets what and how your children will be taken care of.
A trust is a document that lists the conditions you set for your assets after your death. Your assets are then overseen by the trustee for the duration of the trust, and he or she is responsible for following the provisions of that document. Trusts are often established to provide estate protection, reduce tax liability, and avoid costly probate expenses.
There are certain types of trusts that allow the signor to place items into the trust entity that forever removes them from their taxable status. Your New York estate attorney can also help you establish a way for your beneficiaries to avoid paying inheritance taxes from the trust’s principal distributions. Because the tax laws are complex and change almost every year, it is essential to have a knowledgeable lawyer create your shelter.
Your estate plan includes trusts, wills, beneficiary designations, and advance directives. Estate plans should change as often as the estate changes, and that is probably at least once a year. With the addition of children, homes, assets, and goals, it is important to update your instructions by stating your exact intention for how you want your assets managed. Without an estate plan, you will leave people guessing about how you wanted your possessions distributed, and often it leaves your relatives fighting over their right to inherit.
To makes sure your wishes are protected after you no longer walk the earth, visit an estate planning attorney. He or she can create legally binding documents that gives you the right to decide who gets what portion of your property and money. That means you will get the privilege of having the final say.