Wills And Trusts
Although wills are the most basic estate planning document, many people do not have one. Through a will, individuals can outline to whom they wish to leave important assets should something happen to them. These can be sensitive issues for an individual or family to think about, but avoiding the questions of inheritance altogether will only leave your end-of-life affairs up to rules and regulations outlined by the government.
Without a will in place, the government has rules to determine how a person’s property and affairs are distributed and handled. The government also will determine how to deal with children if preferences are not made clear.
Depending on your circumstances, a trust may be in order.
Make sure you take every measure possible to keep control over these matters. Setting up a basic will with help from us at Preeo Silverman Green & Egle is a great first step. We can also help you understand your options for preserving assets and planning for your health care in the event that you can no longer do so yourself. We are here to help make the estate planning process as simple and customized as possible.
Is A Trust In Order As Part Of My Estate Planning Goals?
For people with relatively simple estates, a will might be sufficient for taking care of everything they need. There are many instances, however, where other documents would be more appropriate or would provide a more strategic approach to problem solving.
For example, if you and your spouse are young parents with kids at home, it is important to think about how your children would be financially cared for if something happens to you. You may want to leave assets to them, but perhaps do not want them to have access to those assets until they are of an age where they can be responsible for their own financial affairs. Or you have blended families and wish special provisions.
Setting up a trust in an event like this can help you protect assets as they are passed to another generation. It can minimize the tax consequences of estate gifts (taxes an individual would have to pay when receiving an inheritance) and it can ensure that those assets are managed properly for your beneficiary’s long-term well-being.
Contact Our Experienced Attorneys
Our firm has great depth of experience in preparing wills and trusts to ensure client wishes are carried out. Work with attorneys Robert L. Preeo and Mark T. Berger at Preeo Silverman Green & Egle to discuss how a customized estate plan can work for you.