Whether your estate is simple or complex, our team is here to help you define your objectives and create a will that suits you and your family. A change in circumstances is usually why a person will want a will to be drafted: getting married, having a baby, getting a divorce, or undergoing surgery. We will walk you through the issues involved to help you determine how your property should be divided and who to name your executor and trustee.
While you may feel that having a will drafted is an unnecessary expense, the costs of administrating an estate without a will costs a few thousand dollars, which is a cost to be borne by your loved ones. While no one wants to think about the inevitable, you do not want to burden your loved ones further by having them guess what your last wishes were.
Wills may incorporate trusts and guardianship appointments. The last thing you would want to do is to not plan for the future and leave your loved ones bereaved and looking for someone to answer to how you wanted your estate distributed and to whom. Whether your estate plan consists of a simple will or multiple documents including trusts and guardianship matters, you will receive nothing less than the careful attention from our attorneys.
Setting up a trust can be an effective method of protecting, preserving, and later, distributing your wealth. A trust can be an important part of your estate plan depending on your circumstances and objectives. There are many types of trusts that you can create depending on your desired objectives. Here are a few that you can create:
Descendant's Trust: This is a type of trust that is created for the benefit of a designated person or persons, where the funds are held in trust until that person becomes a certain age or achieves a specified event. As an example, you may create a trust for the benefit of your children for the purpose of paying for their college tuition.
Charitable Trust: While this trust does not require a specific beneficiary, this trust never pays estate taxes and you may set it up where a charity receives the income from the trust now and your family would later receive the trust assets.
Special Needs Trust: These trusts are established for the purpose of taking care of a loved one who may be disabled or elderly.