Wills and trusts should be created by everyone. While many people mistakenly believe that only people who are older need to think about the steps of an estate plan, this is not the reality. A tragic death could happen any time, even to younger people. If you are not prepared with wills and trusts and something happens to you, your family could find themselves facing many difficult decisions and the value of your assets and estate could be significantly diminished. The Law Office of Michael … [Read more...] about Should Only the Elderly Create Wills and Trusts?
Wills & Trusts
3 Tips About Living Trusts in Rochester
Even though the modern revocable living trust is one of the best estate planning tools you can use, a lot of people are reluctant to use them because they do not understand them. The best estate plan is one you make with the advice and guidance of your attorney, but it is also one with which you are comfortable. If you create any estate planning tool, such as a living trust, but don't really understand why you are making it or what its function is, you aren't going to get the most out of your … [Read more...] about 3 Tips About Living Trusts in Rochester
Practical Tip to Consider Before Making a Will
When people in the Finger Lakes region of New York talk to an estate planning lawyer about creating a last will and testament, there are several important decisions they will have to make. Even though your lawyer will guide you through the process of making a will that complies with the laws of the state of New York, it’s up to you to make the key decisions. No one can force you to make any decision when you make a will, but there are some tips you can use to help guide you through the process … [Read more...] about Practical Tip to Consider Before Making a Will
Don’t Use a Living Trust to Replace a Last Will and Testament
A living trust is a very popular estate planning tool that can provide some significant benefits to you and your estate. However, like other estate planning tools, a living trust is not capable of serving all your estate planning needs. When people come to an estate planning lawyer and ask for help in creating a living trust, they sometimes ask if they still need to create a last will and testament. Though useful, a living trust is not a replacement for your will. You need to create both of … [Read more...] about Don’t Use a Living Trust to Replace a Last Will and Testament
Wills and Trusts in Rochester NY: Why Pour-Over Wills and Living Trusts Go So Well Together
Even though no two estate plans are identical, most contemporary plans rely on key parts, such as pour-over wills and revocable living trusts. If you aren’t familiar with wills and trusts in Rochester NY, these two terms might not make a lot of sense to you. However, with just a little background information you will quickly understand why these two types of tools are so helpful. Here’s what you need to know about pour-over wills and revocable living trusts. Avoiding Probate Beginning in … [Read more...] about Wills and Trusts in Rochester NY: Why Pour-Over Wills and Living Trusts Go So Well Together
Why Executors Get Removed
When you sit down to write your last will and testament you will have to choose an executor, sometimes called a personal representative or an administrator, to manage your estate after you’re gone. As long as you choose someone who is capable and willing to serve, the New York Surrogate’s Court will usually accept your decision. In most situations, executors choose people who will perform their duties diligently, and there’s no reason for estate beneficiaries to ever challenge the executor’s … [Read more...] about Why Executors Get Removed
Why Lawyers Talk About Simple, Complex, and Living Trusts in New York
A lot of people come to an estate planning lawyer in the Rochester, New York area and want to, for example, to have their lawyer help them create a living trust. While there is nothing wrong with wanting a living trust, or any other type of trust for that matter, you need to first know what different trusts do before you can decide which one type is good for you. Proper estate planning in New York means that you have to match your individual needs with the appropriate estate planning tool. As … [Read more...] about Why Lawyers Talk About Simple, Complex, and Living Trusts in New York
Selecting the Right Trustee for Your Revocable Living Trust
Creating a comprehensive estate plan in New York is not just about making decisions that only you can make, it’s also about choosing people who will serve important roles in your life and in the management of your estate. When, for example, you choose to create a living trust, you will have to select a trustee who will manage the trust property. Selecting a trustee is not always an easy process, and there are several considerations you will have to make before identifying the ideal candidate. … [Read more...] about Selecting the Right Trustee for Your Revocable Living Trust
Controlling The Assets You Place in Your Living Trust
When some people hear about revocable living trusts for the first time, they’re confused by the notion that by transferring your property to the trust you can gain certain benefits. Though transferring estate property outside of probate and maintaining privacy is appealing, a lot of people are uncomfortable with the idea of having to transfer their property to the trust. These people often fear that by doing so they will lose control over their property and leave it up to some stranger to manage … [Read more...] about Controlling The Assets You Place in Your Living Trust
Will I Need to Update My Living Trust?
People in Rochester, New York and the Finger Lakes region often create a living trust when they create a comprehensive estate plan. As we’ve discussed before, living trusts have a number of benefits when it comes to estate planning, but they do require some additional work on your part to make sure they operate as you intended them to. Like many parts of your estate plan, you will often need to review and amend your living trust as your circumstances change. Here are several situations that … [Read more...] about Will I Need to Update My Living Trust?
