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Brooklyn Probate & Estate Administration Law Blog

Should married couples create a joint will?

Sometimes, married couples have the expectation to do everything together and share everything together. This idea may pop up as you and your spouse create your estate plans. You may wonder if you only need to have one will or if your separate wills should be identical.

The answer is no, you do not have to share a will. Not only can you have two separate and different wills and other estate plans, but it is also better to take this approach for the following reasons.

Trust options for those with disabilities

An estate plan is a common means people use to secure the future of their loved ones. Depending on the size of the estate and the particular needs of the estate holder and beneficiaries, different elements of the plan may be best for the estate.

In particular, a trust can be a great way to secure funds to take care of beneficiaries, especially those with disabilities. There are a few possible trust options to choose from:

Important factors of a testamentary trust

A proper estate plan can individuals distribute their personal property and assets to the parties of their choosing. There are a few different elements that an estate plan may have, depending upon what the estate includes.

In some cases, a testamentary trust may be quite beneficial. This is a trust that is set up to come into being after a person's death through the terms of a person's will. For those considering this type of trust, there are a few important factors to consider.

Why you should not procrastinate with your estate plans

When it comes to estate planning, too many people in the Brooklyn area put it off and continue to ignore its importance. You may feel like you have plenty of time to sit down and create your estate plans, but there is no guarantee for tomorrow. A lot of things could happen that could force you to change your lifestyle and depend on others for the necessities that you normally do for yourself. Those same circumstances could also have an adverse effect on the amount of wealth you have to leave behind to your loved ones.

Though you do not look forward to thinking about becoming so old that you require long-term care and your loved ones to handle your affairs, you may find you cannot afford not to have estate planning documents in place. To better understand the importance of having estate plans, consider the following information. 

The basics of estate planning in New York

Many people think that estate planning is only for the wealthy, but the truth is that anyone can benefit from advance planning about how to distribute their assets after their death. If you do not consider this important task prior to becoming elderly, ill or incapacitated, and you pass away without a plan, the state probate courts may take over and decide how to distribute what you leave behind.

Taking the time and doing proper estate planning before it is too late is an important part of planning for the future. Estate planning could help your family to avoid conflicts and ensure that you are able to distribute your assets as you see fit.

Talk to your loved ones today about your estate plans

You may think that by creating a will, you are covering all your bases and protecting your assets. But if you do not take the time to consider your loved ones' reactions to it after your death, your final instructions may not carry much weight with them. It is common for the family members of a testator in New York to fail to agree with the final will and last wishes. Once they voice their concerns and file disputes, their disagreement often turns into family conflict and a costly legal battle that eats away at the estate’s value. 

To avoid surprises that could interfere with your last will and testament being followed and leave your family unprepared, you might want to speak to your loved ones about them. Here are some things you should consider when planning to speak to your family about your estate plans to prevent disputes and conflict. 

Key factors for contesting a will

Wills are meant to provide people with a way to designate their assets after their passing. Though this proves to be quite useful in many cases, there are some instances where specific impeding factors negatively alter or improperly affect such decisions.

In those situations, it may be possible to contest the will. There are a few factors you should be aware of to handle this process correctly.

The importance of a will in the probate process

For those who want to take care of their loved ones even after they are gone, an estate plan can be quite helpful. Proper estate planning usually contains a will.

Some may not be aware of how important a will is to the probate process, or they may not fully understand what probate is in itself. These are key aspects to learn if you desire to properly plan for the future of your beneficiaries.

Maintain freedom and options with a pooled income trust

You have worked hard throughout your life, and you deserve to enjoy your retirement. However, certain rules and regulations can make this difficult at times.

A pooled income trust may be beneficial if you are looking for a way to support yourself on your retirement budget. This option may even help you to stay in your home as you enjoy your golden days.

Understanding key facts about revocable and irrevocable trusts

To relieve the burden on your loved ones, you want to make sure that your affairs are in order before your passing. This is where an estate plan comes into play. A proper estate plan lays out your wishes and orders in regards to all of your belongings and capital.

A solid estate plan will include a trust. Depending upon your specific circumstances, it may be better to select a revocable or an irrevocable trust. As you weigh your options for a trust, consider these key facts about revocable and irrevocable trusts.

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