Trusts and Estates Law Has Changed
Trusts and Estates Law : In the past, making sure the distribution of your estate was as easy as possible for your loved ones, it used to be straightforward:
- You wrote a Will that would stand up in Probate court.
- If you were married, you made sure that title to the property was held jointly with your spouse.
- After you died, your estate went through probate court, and that was that.
But during the 1980s and 1990s, things changed. Attorneys began to debate; which was better for estate planning: Wills and Probate (the old way), or Living Trusts (the new way)?
It’s now generally accepted that including Trusts in your estate plan is a better way to help your loved ones minimize the time and expense involved for them after your death. It’s important to remember that nowadays, Trusts and Estates law are inextricably linked.
New Definition of Estate Planning
Here is a great definition provided by the National Network of Estate Planning Attorneys:
“I want to control my property while I am alive and well, care for myself and my loved ones if I become disabled, and be able to give what I have to whom I want, the way I want, and when I want, and if I can, I want to save every last tax dollar, attorney fee and court cost possible.”
At Jennifer Walter Fowler, NY Attorney, we believe the best estate plans fulfill all the goals listed above and utilize both Trusts and Estates law.
What To Do? Here’s the Basics
So what’s a person to do if they want to help their loved ones after their death? In summary:
- At the very minimum, it’s critical that you don’t die without a Will.
- It’s even better and easier for your beneficiaries if you create a Living Trust before you die.
- The best solution is to work with an attorney experienced in Trust and Estate law, to make sure you are prepared for both death and incapacity in a way that is uniquely tailored to match your needs and your particular situation.
We Can Help
At Jennifer Walter Fowler. NY Elder Law Attorney, we have the expertise from years of working with clients to provide all aspects of Trusts and Estates law.
