The Basics of Suffolk County Wills and Trusts

Elder Care Attorney Helping Families in Suffolk County Prepare Wills and Trusts

Wills and TrustsWills and trusts are essential estate planning techniques that protect your assets, but also your loved ones. While there are plenty of facts and guides out there, getting started with the basics helps you decide which method of estate planning is right for your situation.

Naturally, you should consult with an attorney that specializes in Suffolk County wills and trusts to explore your options. An attorney reviews your current estate and helps you decide which level of protection you need.

Without an Estate Plan, the Government Decides

If you die without an estate plan, you have died intestate. That means that the government now has the authority to decide how to divvy up your assets and which relatives receive them. The laws in New York specify which family members qualify for an inheritance, and the line of succession is followed strictly. If you do not want your estate to fall into the hands of individual family members, creating a will or trust can ensure your property goes to the family members you want.

Understand the Role of the Trust

The trust is an agreement that allows you to transfer your property from your ownership into the trust. The property is given to a trustee for the benefit of a third party, such as your family member. Trusts are used to ensure better estate taxes, but also to place conditions on inheritances. Unlike a will, you can dictate when and how much a family member receives in your trust.

Also, your trust helps your loved ones avoid the issues of probating assets, and the costs of going through probate court.

There are Various Types of Trusts

Trusts come in many forms, including spendthrift trusts, special needs trusts, life insurance trusts, and so forth. To decide which type of trust you need, you must speak with an estate planning attorney.

For example, you might use a living trust. A living trust allows you to maintain control of your assets even if you become incapacitated. Living wills offer more flexibility, including the ability to revoke or dissolve your trust if your needs change.

A Will or Trust is an Evolving Document

While your will and trust might be established with a set number of factors, realize that your estate planning needs change, and sometimes you must adjust your will or trust documents accordingly. Numerous life changes might require a correction, such as a divorce, new addition to the family, or purchasing and selling assets.

Always Meet with an Attorney for Suffolk County Wills and Trusts

Wills and trusts are something your attorney, and you work together to create. When you work alongside a trusted attorney, you can protect yourself, your loved ones, and your assets.

To get started on your estate plan, speak with a lawyer from the Law Office of Andrew M. Lamkin, P.C. today. You can schedule a free consultation by calling 516-605-0625, or you can complete an online contact form, and someone will be in touch with you as soon as possible.

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