Importance of Wills and Trusts
If you are looking to make sure your assets are preserved after you die, you will want the assistance of an experienced Buffalo estate planning attorney. Experienced lawyer Randy H. Gugino explains the importance of wills and trusts in New York State.
Importance of Wills and Trusts | Primary Reason
The primary reason for drafting a will or establishing a trust is to leave your property to those you love in the event of your death. If you plan properly, and have your plan reviewed periodically, you may lower or eliminate your tax burden and leave more assets to your beneficiaries. At the Law Offices of Randy H. Gugino, respected estate planning attorney Randy Gugino guides you every step of the way through drafting wills and trusts that are legally sound today, and for years to come.
Importance of Wills and Trusts | Dying Without a Will
Wills and trusts are an important part of legacy planning. If you die without a will or trust in place, your property and assets will be distributed according to New York State law. Thus, dying without a will or trust can result in a situation wherein your spouse, children, and other loved ones may not be properly provided for. For instance, if you are survived by a spouse and descendants, your spouse takes the first $50,000 and only one-half the balance of your property, and the descendants share the rest. This could force the sale of property and result in unnecessary estate tax.
If you die leaving children under 18 years of age, a court-appointed guardian will be required to manage your child’s share. The Surrogate Court would probably appoint your spouse as guardian, and could require a bond be posted. Annual payments for a bond are costly. Prior court approval will be required for even ordinary costs, such as education, clothing and daily living expenses. The court requires annual accounting of income and expenses. In addition, investment of estate funds by the guardian will be limited. Since the guardianship lasts until the child is of legal age, the growth of the child’s funds may be adversely affected. A child 18 years old may not be ready to handle the proceeds of your estate.
If you or a loved one is looking to draft a will or trust, please contact our experienced Buffalo estate planning lawyer today to schedule a free consultation.