To find out more about how an attorney at Mark S. Eghrari & Associates, PLLC can help with wills and trusts, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online to get personalized advice on whether you should use a will or trust and how to create the estate planning documents that you need to provide for your loved ones, protect your assets, and secure your legacy. Call today to learn more. … [Read more...] about How can an attorney help with wills and trusts?
If you transfer assets using a last will and testament, the assets have to transfer through the probate process. If you use a trust, on the other hand, assets can transfer outside of probate through the trust administration process. In many cases, your heirs or beneficiaries who will inherit your money and property would much prefer to receive their inheritance through trust administration than through the probate process.Your loved ones would likely prefer to inherit through the trust … [Read more...] about Why would your heirs prefer trust administration to probate?
There are many advantages and disadvantages to a revocable trust. One big benefit is that when you put assets into a revocable trust, those assets are able to transfer outside of the probate process. The assets in the trust are also protected if you become incapacitated because your backup trustee will be able to take over the management of the money and property held within the trust. And, if you make a revocable trust, you have a lot of flexibility because you can modify or end the trust at … [Read more...] about What are the pros and cons of a revocable trust?
While you can transfer assets through a last will and testament, this method of distributing your wealth provides you with very little oversight or control. Generally, when you make a gift in a will, the person who stands to inherit it will be largely free to do what he or she wants with it. You lose control over what happens to the inheritance after it is given.With a trust, however, you can do much more than you can with a will. You can provide specific instructions for how trust assets … [Read more...] about How does a trust give you more control over assets?
Most people should create a last will and testament. A will allows you to provide instructions on what should happen after your passing, including who should inherit money and property that does not pass through other means such as trust administration, joint ownership with rights of survivorship, or pay on death accounts.While you can and often should use other tools to facilitate the passage of wealth outside of the probate process, having only a last will and testament is much better than … [Read more...] about Do you need a last will and testament?