People create an estate plan in order to protect the future of their assets. There are many different ways that this can be done, one of which is by writing a will. A will is a document that allows a person to have a clear and descriptive outline for what they with to happen to their belongings in the event that they die or become incapacitated. When creating this document, it can benefit you to retain the services of an experienced New York estate planning attorney for guidance.
How Do I Write a Will?
When a person wants to create a will, the first step is to determine the party who will draw up the document on their behalf. Generally, it is in a person’s best interest to have an attorney do so. This ensures that it is done correctly and no mistakes are made regarding an important aspect of their future. However, there are many people who choose to do it on their own. In doing so, it is important to know that there are a variety of kits available to choose from. While this is true, creating a will on your own can possibly result in many legal pitfalls, such as misphrasing, that can cause errors in your plan.
During this time, individuals creating a will must choose an executor to carry out these final wishes for them. This person should be someone that can be trusted to act in their best interest and in the best interest of the estate plan. Oftentimes, spouses or children are appointed for this position.
What is a Guardian?
Many people who have minor children under the age of 18 choose to create a will in order to ensure the protection of their children in the event that something were to happen to them. In doing so, they can appoint a legal guardian to care for the children. If a parent fails to do so and either dies or becomes incapacitated, the court can appoint a person that they may not have wanted. It is because of this that parents should be proactive and do so themselves to ensure the best course of action is in place for their children.
What is a Trustee?
When a person creates a trust in their estate plan, they are known as a trustor. The person meant to inherit this trust is a beneficiary. A trustee is a person that is chosen to take care of the finances within a trust on behalf of the beneficiary in the event of the trustor’s death or incapacitation. They have the right to manage investments, money, and property. This is done until the beneficiary is of age to manage the trust themselves.
Contact our Firm
Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.