CorporateSolutionsNY.com

What You Should Know About Estate Planning With a Living Trust

In recent years, living trusts have grown increasingly popular as substitutes for wills in estate planning. They are sometimes called revocable trusts or inter-vivos trusts. Living trusts can have several advantages over wills, including avoiding probate, avoiding guardianship, maintaining liquidity, and keeping privacy. You can create a living trust with a simple trust document and change it at any time. You can transfer all of your assets to the trust but continue to use and manage them during your lifetime. After you die, your trustee will transfer ownership of the assets to the beneficiaries named in the trust. Read more on What You Should Know About Estate Planning With a Living Trust...

What You Should Know About Wills

A will avoids costs and complications for your heirs when you die. Besides providing instructions about gifts of your property—like your home, car, investments and jewelry—your will can provide instructions for payment of your debts, selection of an executor for your estate, and appointment of a guardian for your children. Without a will, your property will be distributed according to state law and a court may select an administrator for your estate and a guardian for your minor children. Your lawyer can help you prepare a valid will that minimizes taxes and reduces the time and expense of handling your estate. Read more on What You Should Know About Wills...

What You Should Know About Your Legal Health

As with your physical health, you can avoid problems by periodically checking your legal health. Areas to consider include contracts, consumer rights, estate planning, insurance coverage, retirement planning and wills. You should review your legal papers about once a year to see if the relevant plans and documents reflect your current needs. Read more on What You Should Know About Your Legal Health...