A Smithtown estate planning attorney can provide you with help creating a comprehensive estate plan that addresses your goals and provides for your family. One of the tools that can be a key part of your estate plan is a last will and testament. While most people are aware of how wills work and what they do, there are still many people who do not have a will in place.
You may not have created a will because you are not certain if you need one, especially if you do not have a lot of assets or if you are young and think you have a long time left to live. But, the reality is, almost everyone should have a last will and testament or should otherwise make use of estate planning tools to provide for their loved ones and control their legacy.
Mark S. Eghrari & Associates, PLLC can help you to determine if you need a last will and testament and can provide the comprehensive help and support that you need to put a comprehensive estate plan in place that is right for your specific situation. To find out more about how our firm can help you with the estate planning process, give us a call today.
Do You Need a Last Will and Testament?
A last will and testament is often the foundation of a comprehensive estate plan. A will allows you to provide certain instructions about what will happen after you pass on, including instructions about who will inherit your money and property. It is very important that you follow the proper process for creating a will, including creating the will when you are of sound mind and having witnesses to observe you signing the will so its validity can be confirmed. You do not want your last will and testament to be successfully contested after you pass on because then you would not be able to control who receives your money and property.
While a last will and testament can be a very important part of your estate plan, it is not necessarily the only tool that you should use to make your plans. In fact, there are many other tools that can allow you to take even more control over the distribution of your wealth when you pass on. These other tools can also help you to do things such as avoid estate tax if you have a larger estate, and facilitate the more cost-effective and private transfer of assets to your loved ones.
Some of the other tools that you can make use of include trusts, pay on death accounts, and joint ownership with rights of survivorship. Trusts can be an especially important part of your estate plan because when you create and fund a trust, the assets that are held within the trust can transfer to your heirs or beneficiaries outside of the probate process.
There are some circumstances in which you can facilitate the transfer of all of your assets using these other tools and in these particular cases, you may not necessarily need a will. However, while many people facilitate the transfer of the majority of assets through other means besides a will, it can still be a good idea to have a last will and testament to deal with any residual property that is not addressed in your other estate planning documents.
Getting Help from a Smithtown Estate Planning Attorney
A Smithtown estate planning attorney at Mark S. Eghrari & Associates, PLLC will help you to create a last will and testament and will assist you with the creation of other estate planning tools that you need to protect your loved ones and control what happens to your wealth after you pass on. You work very hard during your life and you owe it to yourself and your loved ones to make certain that all of the wealth you have acquired can safely pass on to your desired heirs or beneficiaries.
To find out more about the ways in which our firm can help you to create a last will and testament, give us a call at (631) 265-0599 or contact us online. You can also join us for a free seminar to find out about all of the different estate planning tools that you can use to secure your legacy.