New York Wills & Trusts Attorneys
Although everyone has heard the terms Wills and Trusts, it’s also
likely that many people still don’t know the difference between
them – and which one is the right choice for their needs. With a
Last Will, Living Will and Living Trust, you can take the steps necessary
to protect your assets and decide for yourself who will receive your money
and property, as well as dictate other critical decisions. So it is important
to not only understand the difference between your options, but work closely
with an attorney experienced in Wills and Trusts to help guide you in
the right decision on these vital issues.
What are Wills and Trusts?
A Last Will goes into effect only after you die, and is used to distribute
property and assets to loved ones, as well as name guardians for minor
children. A Living Trust, however, goes into effect as soon as you create
it and can be used to distribute your property both before and after death.
A Living Will enables people to outline important healthcare decisions
in advance, such as whether to remain on life support. There are other
important differences and things to keep in mind as you decide which options
are best for you. For example, while a Last Will must pass through probate
(meaning a court that oversees the administration of the will), a trust
passes outside of probate and doesn’t have to go through a court.
Why Do I Need a Will and Trust?
Last Wills and Living Trusts are designed to pass on and distribute your
assets upon death and, although they use different methods to do so, both
are important ways to ensure your wishes are met in terms of the distribution
of your assets and, in the absence of another parent, who will care for
minor children. No matter how small your property or how few assets you
think you have, and whether or not you are married and have children,
it is critical to have a Will or Trust in place to dictate what should
happen to your property, assets and minor children upon your death. Without
these directives, you will have no say over who receives your assets –
which can leave your loved ones involved in the drawn out legal process
of probate to determine who will receive your property and who will care
for your children.
Why CGMB Long Island Elder Law?
Through the combined resources of CGMB and the Ansanelli Law Group, CGMB
Long Island Elder Law has decades of experience in the area of Wills,
Trusts and Estates. We understand the utilization and management of various
types of Wills and Trusts in order to achieve our clients’ many
objectives, such as maximizing asset protection and minimizing the impact
of estate, gift and income taxes. We also have extensive experience in
all aspects of Estate Administration, from the probate of a Will through
the final accounting of a decedent’s Estate. We provide our clients
with the counsel and guidance they need in order to act as fiduciary of
an Estate and to properly manage a decedent’s assets.
Contact us today to see how our combined resources and industry leadership can provide
you with the dedicated and experienced legal counsel that you need when
planning for something as vital as the future for you and your loved ones.
And see how CGMB Long Island Elder Law is helping to preserve the futures
of families just like yours.