Let a New York City Inheritance Lawyer Help You Settle Your Legacy Once and For All
You’ve spent your entire lifetime creating your legacy, and a big reason you’ve done so is so that you’ll have something to pass on to your children and grandchildren after you’ve passed away. When you contact us, you’ll work with a New York City inheritance lawyer who will help you understand the estate planning process and take steps to provide your family with financial security, even after you’re gone. Without our support, the issue of what should be done with your tangible legacy will become something that’s decided in New York City probate court. When it comes to inheritances, trusts, and estate taxes, there’s nothing we don’t know. Contact us today and take the first step towards protecting the legacy you’ve worked so hard to create.
Understanding How New York City Wills and Trusts work
A will is a document that provides detailed information about how your estate will be divided up amongst your beneficiaries after you pass away. Most people assume that a will is all that is needed to ensure your legacy is handled it the manner you wish, but a good New York City inheritance lawyer will explain that the will is just a single component of the probate process. Other components include power of attorney and trusts.
The purpose of the will is to provide written documentation about how you want your assets to be divided and distributed amounts your friends, family, and favorite charities.
Trusts are created for a variety of different reasons, including protecting certain assets from lawsuits, ensuring that a specific piece of property is handled a specific way, and making sure a special needs/pet heir is properly cared for.
If you’re interested in establishing trusts, there are different types of trusts for you to consider.
- Children’s trusts-which are created specifically for minor children and grand children
- Land trusts-which ensure a particular beneficiary gets a specific parcel of land. Land trusts are frequently used to protect specific assets from lawsuits.
- Irrevocable trusts-a type of trust that can’t be changed
- Revocable Trusts-sometimes called living trusts. These are trusts that can be changed as long as the creator is alive
- Special Needs Trust-this is used to make sure someone who suffers from a disability receives benefits from your legacy. A New York City inheritance lawyer will help you set up a special needs trust in such a way that the inheritance won’t impact any federal assistance the individual already gets.
Sometimes the best way to distribute your legacy is with a mixture of different trusts.
Helping clients establish wills and trusts is just one aspect of a New York City inheritance Lawyer’s duties. They also represent clients in the event that a dispute arises. The dispute can sometimes be a question of ownership of a piece of property, to heirs arguing about the legitimacy of the will, or a creditor who feels that they’re owed a portion of the estate in order to cover and outstanding debt.
If you would like to settle the matter of what will happen to your legacy after you’ve passed, contact us today.