Although everyone has heard the terms Wills and Trusts, it’s also likely that many people still don’t know the difference between them – and which one is the right choice for their needs. With a Last Will, Living Will and Living Trust, you can take the steps necessary to protect your assets and decide for yourself who will receive your money and property, as well as dictate other critical decisions. So it is important to not only understand the difference between your options, but work closely with an attorney experienced in Wills and Trusts to help guide you in the right decision on these vital issues.
What are Wills and Trusts?
A Last Will goes into effect only after you die, and is used to distribute property and assets to loved ones, as well as name guardians for minor children. A Living Trust, however, goes into effect as soon as you create it and can be used to distribute your property both before and after death. A Living Will enables people to outline important healthcare decisions in advance, such as whether to remain on life support. There are other important differences and things to keep in mind as you decide which options are best for you. For example, while a Last Will must pass through probate (meaning a court that oversees the administration of the will), a trust passes outside of probate and doesn’t have to go through a court.
Why Do I Need a Will and Trust?
Last Wills and Living Trusts are designed to pass on and distribute your assets upon death and, although they use different methods to do so, both are important ways to ensure your wishes are met in terms of the distribution of your assets and, in the absence of another parent, who will care for minor children. No matter how small your property or how few assets you think you have, and whether or not you are married and have children, it is critical to have a Will or Trust in place to dictate what should happen to your property, assets and minor children upon your death. Without these directives, you will have no say over who receives your assets – which can leave your loved ones involved in the drawn out legal process of probate to determine who will receive your property and who will care for your children.
Why CGMB Long Island Elder Law?
Through the combined resources of CGMB and the Ansanelli Law Group, CGMB Long Island Elder Law has decades of experience in the area of Wills, Trusts and Estates. We understand the utilization and management of various types of Wills and Trusts in order to achieve our clients’ many objectives, such as maximizing asset protection and minimizing the impact of estate, gift and income taxes. We also have extensive experience in all aspects of Estate Administration, from the probate of a Will through the final accounting of a decedent’s Estate. We provide our clients with the counsel and guidance they need in order to act as fiduciary of an Estate and to properly manage a decedent’s assets.
Contact us today to see how our combined resources and industry leadership can provide you with the dedicated and experienced legal counsel that you need when planning for something as vital as the future for you and your loved ones. And see how CGMB Long Island Elder Law is helping to preserve the futures of families just like yours.