Estate planning is an important legal process for everyone to take on but for many different reasons individuals choose not to do it. Some New Yorkers may not believe that they own enough property to make estate planning necessary, while others may simply not know where to start to create plans that serve their needs and interests. What readers of this legal blog should know is that estate planning does not have to be complicated and that it can be greatly facilitated by the support of a knowledgeable estate planning attorney.
People who write their own wills may save some money, but their estate and relatives may ultimately pay much greater costs for this false economy. Improperly drafted and self-prepared estate documents may not comply with New York's laws governing wills & trusts and could jeopardize a person's intentions over the inheritance of their estate's assets.
Trusts are effective estate planning tools because they help New York residents protect the value of their end of life assets all while legally transferring property and wealth to the beneficiaries of their choosing. Trusts can be used for many purposes, such as supporting charities and avoiding burdensome taxes. They can also be used to assist in the financial support of individuals who rely on government benefits to get by.
Children can be incredibly precocious and capable of understanding complex themes and ideas. However, most children develop on a relatively regular schedule wherein their ability to manage their own needs and affairs is not possible until they are nearing adulthood. Since children cannot be trusted to take care of their own interests, they are generally not afforded the same rights as adults.
A trust is a long-term planning device that may be incorporated into the estate plan of a New York resident. Many individuals choose to set up revocable trusts, which as the name implies, can be terminated, changed and modified. Irrevocable trusts, on the other hand, are unbreakable once created and cannot be changed.
A will is an important document that directs the distribution of a decedent's end of life assets. It is through a will that a New York resident may stipulate how much money, if anything, they want to leave to their kids and grandchildren, whether they will bequeath property to relatives or charities and if they will recognize friends and other family members with distributions of wealth. When a person dies without having a will in place, their estate may be subject to the intestacy laws of the state.
A legal case regarding a New York trust has made its way to the United States Supreme Court. The outcome of its legal dilemma may have far-reaching effects on how trusts across the nation are taxed, and because this is a significant legal topic, this post will discuss the case's facts, arguments and possible legal ramifications once it is decided.