Most people have questions about estate planning, especially around the use of wills and trusts. If you have a question that is not covered in these FAQs or would like further information, please contact the estate planning attorneys at Winkler Kurtz , LLP discuss your unique needs.
What are the benefits of a living trust?
A trust avoids probate and maintains confidentiality for your beneficiaries. You may also use the assets within the trust during your lifetime, and designate funds to provide for yourself if you should become disabled.
What are the downsides of a living trust?
A trust only controls the assets that you transfer into it. Should you neglect to transfer property, the beneficiaries of your trust will not receive access to that property when you die.
If I have a living trust, do I need a will?
Most estate attorneys agree that if you have a living trust, you should also have a will.
What is the difference between a living trust and a will?
A will provides instructions about how all your assets will be distributed after you die. A living trust functions while you are living and after you die, and only allows management of the specific assets that you transfer into it.
When is probate necessary?
In New York State, a will must be probated if the person who died had assets of $30,000 or more.
What does the executor of an estate do?
The executor of an estate is responsible for inventorying and managing the deceased’s property, making sure all debts and taxes are paid, and distributing the remainder to the appropriate inheritors.
What is a living will?
A living will is a document in which you state your preferences for end-of-life medical care. It may also be known as a health care directive, medical directive, or advance directive.
Who has to pay the deceased’s debts?
Generally, the decedent’s estate is responsible for any debts. If there is not enough in the estate, the debts will typically go unpaid.
How do I get started planning my estate?
When you are ready to begin planning for your family, please call (631) 928-8000 or contact the Long Island estate planning attorneys at Winkler Kurtz, LLP. With decades of experience helping clients make informed and confident decisions, we have the skill and knowledge to ensure your assets and your loved ones are protected. We look forward to your call.