WILLS & TRUSTS
Wills, trusts, and estates law involves developing strategies that provide for people’s own and their family's economic future. The law of trusts and estates is generally considered the body of law which governs the management of personal affairs and the disposition of property of an individual in anticipation of the event of such person's incapacity or death, By developing effective wills, trusts and other planning tools, you can ensure that your family, property, and even business are protected.
The IRS defines an estate as "everything you own", including your house, car, insurance, bank accounts, IRAs, and/or stocks and bonds. From the simple will to the revocable living trust, estate planning lays the legal foundation for the passing of your assets, and the method and timing of their distribution. Because estate planning is subject to changing state and federal laws, it makes sense to seek help from a knowledgeable legal professional. An experienced lawyer can help you with:
- Wills to specify the beneficiaries of your estate and methods of asset distribution
- Probate, the legal proceeding through which most assets must pass after death
- Trusts to transfer assets to another person who will manage them according to your wishes
- Federal estate tax strategies to minimize the tax impact on your estate
- Durable Power of Attorney to direct the control of finances and other acts on your behalf
- Advance Health Care Directives to enable your appointee to make health care decisions if you are unable.
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Planning and preparing the proper documentation to safeguard your and your families' future requires experience, expertise and a thorough understanding of Estate Planning tools and strategies. An experienced lawyer will review all of your assets and help you determine the manner in which you want that property to be distributed upon your death. Also, a lawyer will discuss all of the various options available so that you may make an informed decision regarding the disposition of your estate. In addition, assisting clients in the preparation of medical directives, also known as a Living Will, and the execution of that will helps make certain that your choices regarding medical treatment are followed in the event that you are unable to speak for yourself.
Moreover, properly prepared Powers of Attorney are important tools in estate planning. The attorneys at Grant & Longworth will assist clients in executing the proper Power of Attorney so that personal business matters may be attended to if clients are unable to do so themselves.
The creation of a trust may be a useful estate planning tool, as well. A trust is an arrangement whereby property (including real, tangible and intangible) is managed by one person (or persons, or organizations) for the benefit of another. A trust is created by a trustor, who entrusts some or all of his or her property to people of his choice (the trustees). The trustees hold legal title to the trust property (or trust corpus), but they are obliged to hold the property for the benefit of one or more individuals or organizations (the beneficiary, a.k.a. cestui que use or cestui que trust), usually specified by the settlor, who hold equitable title. The trustees owe a fiduciary duty to the beneficiaries, who are the "beneficial" owners of the trust property. Grant & Longworth can help clients determine if the establishment of a trust is appropriate for their estate planning needs and provide expert advice and counsel with regard to the establishment of trusts.
If you need help in any real estate matter, call Grant & Longworth LLP at (914) 400-3700
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