Will Lawyer near Syracuse, NY and Surrounding Areas
LAST WILL AND TESTAMENT/TRUSTS
Why Wills Are Important
Having a Will made up is one of those things that people tend to put off, but it’s one of the most important things that you can do to plan for the future, especially if you have children, own property, or want to have control over what happens to your possessions and minor children after your death.
Among other things, a Will:
- Allows you to designate specific property to individual heirs;
- Allows you to exclude certain persons from inheriting your assets;
- Allows you to appoint a Guardian for your minor children;
- Allows you to appoint an Executor or Executrix to carry out your wishes;
- Gives you peace of mind that the assets you earned and accumulated during your life will be distributed according to your wishes with as little trouble as possible for those loved ones who survive you;
The Basic Difference Between a Simple Will and a Testamentary Trust
A Testamentary Trust does all of the above for you but, in addition it appoints a Trustee, which is often a bank, to manage your estate over a time period rather than distributing your assets all at once. You designate how and when the proceeds of your estate should be distributed. This becomes extremely important if you have minor children; and, if you do, you should take the time to have the value of a Trust explained in detail.
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What is a Living Will and Health Care Proxy?
A Living Will and Heath Care Proxy is a document that does two different things. First, it expresses your specific wishes with regard to medical treatment in the event that you become ill and incapacitated to the point where the use of life support would serve only to prolong your life and not to give you a chance of recovery. Without this document, doctors and hospitals are bound to take whatever procedures are available to sustain your life, with no consideration to the quality of that life, and regardless of what your loved ones may desire.
Second, it allows you to designate a proxy, which is a person who would be able to make decisions as to what treatment you should or should not receive any time that you are unable to do so for yourself.
What is a Living Trust?
This should not be confused with a Testamentary Trust or a Living Will. This is a document that places your assets in Trust while you are living, in order to preserve them same in the event that you need long term hospitalization or nursing home care later in life.
How Our Will Lawyers and Trust Lawyers near Syracuse, NY Can Help
Since 1969, Karp Law Office has been relied upon when families or individuals need will lawyers or trust lawyers near Syracuse, NY.
Get professional legal assistance for a legally sound last will and testament, or for establishing a trust.