Wills, Trusts, & Estates
What is general estate planning?
Estate planning is the process of making preparations for what will happen to your estate when you die. This includes deciding who will manage and receive your property, as well as reducing the amount of taxes that will have to be paid after you die.
An estate plan can help you avoid time, money, and stress by allowing you to manage your decisions like who will receive your assets when you die, when they will receive your assets, how your assets will be distributed, and who will manage your affairs if you become incapacitated.
A will is a legal document that gives you power over your possessions after you pass away. You may use a will to choose who will get your belongings, name a guardian for your minor children, and name someone to administer your estate.
If you die without a will, your state’s regulations will determine who gets your assets and how your estate is handled, so it’s important to be proactive in creating and managing your will.
A trust is a legal document that allows you to give someone else control over your assets. This can be helpful if you want someone to manage your money or property for someone else. There are different reasons why people might set up trusts, including avoiding probate, minimizing estate taxes, managing assets during your lifetime, and controlling how your assets are distributed after your death.
Trusts can be either revocable or irrevocable. A revocable trust can be amended or revoked at any time, while an irrevocable trust cannot be changed once it has been created.
If you or someone you know is interested in learning more about general estate planning, Wills, and Trusts, make sure to contact the Law Offices of Joseph M. Dobkin today for all of your estate planning needs!