Wills & Trusts

Smart living by planning ahead...

A will or a last will and testament outlines a person's last wishes and allows the client to dictate private terms instead of defaulting to New York State Estates, Powers, and Trusts Laws in the following areas:

        ❥ Asset Distribution
        ❥ Guardianship for minor children or adult dependents
        ❥ Executor/Executrix
        ❥ Specific Bequests
        ❥ Residuary Estate
        ❥ Debts and Taxes

The process of probate, which is the legal validation of the will, ensures that the will is genuine and that the instructions within it are carried out as intended. If a person dies without a will (intestate), the distribution of the assets and the care of dependents will be determined by state laws which may not align with client wishes.

A trust is a legal and financial arrangement that allows one a "grantor" or "settlor" to transfer assets (e.g., money, property, or investments) to the "trustee." The trustee is then responsible for managing and administering these assets for the benefit of one or more individuals or entities known as the "beneficiaries."

Clients choose to set up a trust for the following purposes:

        ❥ Estate Planning
        ❥ Asset Protection from creditors or legal judgments
        ❥ Privacy
        ❥ Charitable Giving

There are several different types of trusts, each with its own rules and purposes:

    ➼ Revocable Living Trust: The grantor maintains control and can make changes during their lifetime, and assets avoid probate upon death.

    ➼ Irrevocable Trust: The grantor relinquishes control and ownership of assets, which can provide asset protection and tax benefits.

    ➼ Testamentary Trust: This trust is created within a will and only comes into effect upon the grantor's death.

    ➼ Charitable Trusts: These trusts are set up for charitable purposes and provide potential tax benefits to the grantor.

    ➼ Special Needs Trust: Designed to provide for the financial needs of individuals with disabilities without disqualifying them from government assistance programs.

    ➼ Spendthrift Trust: Designed to protect beneficiaries from themselves, ensuring that they don't squander their inheritances.