One certainty about life is that you can’t take it with you. All of the assets you have built up over the years are going to have to go to someone. You can make sure of what goes where by setting up a will or a trust while you are still alive. In fact, you can create a living will that has directives written up in the event you are unable to speak for yourself. Getting all of this done can be complicated, especially if you want to put items into a trust. Take the step to talk to a Real Estate Lawyer in Glen Cove NY in order to figure out what you can do and how to do it.
A will is a relatively simple document in that you state what goes to who. The less assets you have, the easier it is to state what goes where. But if you have a more complicated situation with your assets, you need to be more diligent about writing the will. You also have to name an executor of your will and make sure that the person you name is OK with taking on that position. It’s rarely an easy process to settle an estate after you’ve passed, but you can take a lot of the stress off everyone by having a well-written will before you pass.
In the event you want to put assets into a trust, you have a couple of options: revocable and irrevocable. The revocable trust allows you to manage the assets in them and use them as you please while you are still alive. Your heir gets what’s left after your passing. It sounds like a will, but the revocable trust makes the inheritance almost ironclad. An irrevocable trust is where you set the assets aside and can not touch them ever again while you are still alive. Your heir gets the item at a time that you specify, such as an 18th birthday.
Working with a lawyer for estate planning can ease the process, take a burden off your mind and ensure that your prized possessions go to those who you designate. Click here for more details.