Have you been wondering why you need a will? Our Buffalo estate planning lawyer is here to help you get the information about last will and testaments, please don’t hesitate to reach out to us right away.
A will allows you to decide who you want your assets to go to, who will be the Guardian of your children, and who will take care of your Estate. New York State will decide these for you if you do not create a will.
For a lot of people, there are certain things you would like to specifically give to certain people in your family. If you always intended to give your library collection to your bookworm granddaughter, or the piano to your nephew who loves music, etc. you are going to want to have a will with these things written like instructions so things are given the way you would like them to be.
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 where in 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.
Regardless of your situation, you can avoid passing on costly and time-consuming issues to future generations by hiring a dedicated Buffalo estate planning attorney experienced in drafting wills and trusts.
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.
When you need more information about why you need a will, please don’t hesitate to call our office and set up a consultation with our Buffalo estate planning lawyer Randy Gugino to get started right away.’
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