Estate Planning is Important
Wills
A will and trust are legal documents. A will is an important written statement directing who will handle and manage your financial affairs and who will receive your money and other property in the event you pass. The property you own upon your death is typically called your estate. The ones you name in your will to receive property from your estate are your legatees. They may or may not also be your legal heirs.
The person named in your Will to be in charge of your Estate when you die is your executor. Their job is to investigate what you wanted at the time of your death, to list your assets and property, to gather up and to collect all of your property, to care for your property, manage it properly, until it is sold or passed on to the people you have selected to inherit it from you. They are also supposed to pay your bills, file your final tax returns and finish up any other financial business required of your estate. Typically, estate assets are used to do this.
Once everything is done to wrap up your financial business, the remaining money or other property can be distributed to the heirs or legatees in your Will. Money and property held in joint tenancy ownership, such as bank accounts or a house, goes automatically to the surviving co-owners upon the death of one owner. Similarly, property held in trust, or in a payable-on-death account, goes automatically to the named beneficiary upon the death of the owner. Life Insurance proceeds go automatically to the named beneficiary upon the death of the insured person. These types of property are not affected by your Will.
A carefully created estate, will and possible trust is your most reliable guarantee to the distribution of your assets being conducted according to your wishes and desires. In addition, it will enable you, if your family includes minor children, to specify who you desire to assume responsibility for their upbringing, management and care. A well planned estate, typically a will and trust provides a reliable way of communicating your desires and wishes upon your death. For example, this can include instructions relating to pets and special arrangements concerning other any special intentions you have (arrangements for the continuing care of pets, for example). It also provides the best means of indicating who should receive items and “keepsakes” that hold sentimental value.
In the event you die without a Will, your Estate will be considered “intestate”. If you have children and no spouse, your Estate will go to your children. If you do not have a spouse or children, your Estate may be surrendered to the State on all important decisions effecting the wellbeing and future security of your property.
If you have a spouse, your Estate will go to your spouse in the event you are deceased, but if you also have children, your spouse will only inherit a third of your Estate and your children will inherit the remaining portion of your Estate. In the event you die leaving a spouse and your spouse wishes to renounce their third of the Estate, they may do so and request that the Court determine their share pursuant to a hearing and Court Order. However, not having a Will means that you surrender to the State all important decisions affecting the wellbeing and future security of your heirs and puts you at risk of having your property divided in a way that you may not want. Also, it causes you to forego opportunities to reduce taxes through trust arrangements.
You may change your Will as often as you desire. If the change you desire is relatively simple, an amendment to the document, known as a “Codicil”, is executed with the aid of an attorney. If the change you desire is not simple or if it requires a substantial change of beneficiary or beneficiaries, a new Will is preferred. The new document should specify that you also revoke all prior Wills.
A proper Estate Plan will avoid the chaos and waste of assets of an unclaimed Estate, enhance your sense of security, and provide a dimension of personal wellbeing to your loved ones.
Whatever your age, married or single, with children, or not, you should speak to a qualified attorney to properly investigate an Estate Plan and/or Will. Our attorneys will be committed to providing you individualized services and timely responses and follow-ups that are essential to meeting your legal needs.
Trusts
A Trust is a right in property (real or personal) which is held in a fiduciary relationship by one party for the benefit of another. The Trustee is the one who holds title to the Trust property, and the Beneficiary is the person who receives the benefits of the Trust.
A Trust is a form of property ownership. The person who sets up a Trust is called the “Grantor” or “Settlor”. The Trustee is a “Legal” owner of the Trust property, and their name is on any document of title. The Beneficiary is the person who receives the benefits of ownership, such as the rights to receive the income from Trust’s investments.
A “Living” or “Intervivos” Trust is a Trust that is set up and funded while the Grantor is alive. Usually the Grantor names himself or herself as both Trustee and Beneficiary. In contrast, a Trust which comes into being as a result of the terms of a Will, after the Grantor’s death, is called a “Testamentary” Trust.
When an Estate is conveyed through a Will, the Probate Court must validate the Will before its provisions can be executed. The probate process can take up to 2 years before the provisions of the will are executed. Assets held in a Living Trust, however, are not subject to probate.
The advantages of avoiding probate are several. (1) Privacy and Confidentiality. When a Will is entered into Probate, all of its provisions become a matter of public record. Since a Living Trust is a private arrangement, its terms are not made public at your death. Your assets and intentions are known only to your Trustees and Beneficiaries. (2) Reduction of Expense. The expenses of Probate are completely avoided for all assets held in your Living Trust. (3) Distribution is Expedited. A Living Trust allows assets to be distributed to your heirs as quickly as your Trust Agreement instructs and the Taxing Authorities allow, without the additional delays of Probate. Your spouse, for instance, could receive income to provide for living expenses immediately.
Wills and Trusts are common ways in which individuals distribute their wealth. Trusts, unlike Wills, have the benefit of avoiding Probate, a lengthy and costly legal process that oversees the transfer of assets. Estate planning is much more than having a Will. A proper Estate Plan will avoid the chaos and waste of assets of an unclaimed Estate, enhance your sense of security, and provide a dimension of personal wellbeing to your loved ones.
Whether you are young or more seasoned, married, coupled, or single, a parent, with or without children, you should investigate the issue of a need for an Estate Plan and/or Will. Our experienced Estate Planning Attorneys are committed to providing individualized services and timely responses and follow-ups that are essential to meeting our client’s personal needs.
Call us for all your estate planning needs today. Alexandra 773-848-4444 and Liz 773-544-1370.
A will and trust are legal documents. A will is an important written statement directing who will handle and manage your financial affairs and who will receive your money and other property in the event you pass. The property you own upon your death is typically called your estate. The ones you name in your will to receive property from your estate are your legatees. They may or may not also be your legal heirs.
The person named in your Will to be in charge of your Estate when you die is your executor. Their job is to investigate what you wanted at the time of your death, to list your assets and property, to gather up and to collect all of your property, to care for your property, manage it properly, until it is sold or passed on to the people you have selected to inherit it from you. They are also supposed to pay your bills, file your final tax returns and finish up any other financial business required of your estate. Typically, estate assets are used to do this.
Once everything is done to wrap up your financial business, the remaining money or other property can be distributed to the heirs or legatees in your Will. Money and property held in joint tenancy ownership, such as bank accounts or a house, goes automatically to the surviving co-owners upon the death of one owner. Similarly, property held in trust, or in a payable-on-death account, goes automatically to the named beneficiary upon the death of the owner. Life Insurance proceeds go automatically to the named beneficiary upon the death of the insured person. These types of property are not affected by your Will.
A carefully created estate, will and possible trust is your most reliable guarantee to the distribution of your assets being conducted according to your wishes and desires. In addition, it will enable you, if your family includes minor children, to specify who you desire to assume responsibility for their upbringing, management and care. A well planned estate, typically a will and trust provides a reliable way of communicating your desires and wishes upon your death. For example, this can include instructions relating to pets and special arrangements concerning other any special intentions you have (arrangements for the continuing care of pets, for example). It also provides the best means of indicating who should receive items and “keepsakes” that hold sentimental value.
In the event you die without a Will, your Estate will be considered “intestate”. If you have children and no spouse, your Estate will go to your children. If you do not have a spouse or children, your Estate may be surrendered to the State on all important decisions effecting the wellbeing and future security of your property.
If you have a spouse, your Estate will go to your spouse in the event you are deceased, but if you also have children, your spouse will only inherit a third of your Estate and your children will inherit the remaining portion of your Estate. In the event you die leaving a spouse and your spouse wishes to renounce their third of the Estate, they may do so and request that the Court determine their share pursuant to a hearing and Court Order. However, not having a Will means that you surrender to the State all important decisions affecting the wellbeing and future security of your heirs and puts you at risk of having your property divided in a way that you may not want. Also, it causes you to forego opportunities to reduce taxes through trust arrangements.
You may change your Will as often as you desire. If the change you desire is relatively simple, an amendment to the document, known as a “Codicil”, is executed with the aid of an attorney. If the change you desire is not simple or if it requires a substantial change of beneficiary or beneficiaries, a new Will is preferred. The new document should specify that you also revoke all prior Wills.
A proper Estate Plan will avoid the chaos and waste of assets of an unclaimed Estate, enhance your sense of security, and provide a dimension of personal wellbeing to your loved ones.
Whatever your age, married or single, with children, or not, you should speak to a qualified attorney to properly investigate an Estate Plan and/or Will. Our attorneys will be committed to providing you individualized services and timely responses and follow-ups that are essential to meeting your legal needs.
Trusts
A Trust is a right in property (real or personal) which is held in a fiduciary relationship by one party for the benefit of another. The Trustee is the one who holds title to the Trust property, and the Beneficiary is the person who receives the benefits of the Trust.
A Trust is a form of property ownership. The person who sets up a Trust is called the “Grantor” or “Settlor”. The Trustee is a “Legal” owner of the Trust property, and their name is on any document of title. The Beneficiary is the person who receives the benefits of ownership, such as the rights to receive the income from Trust’s investments.
A “Living” or “Intervivos” Trust is a Trust that is set up and funded while the Grantor is alive. Usually the Grantor names himself or herself as both Trustee and Beneficiary. In contrast, a Trust which comes into being as a result of the terms of a Will, after the Grantor’s death, is called a “Testamentary” Trust.
When an Estate is conveyed through a Will, the Probate Court must validate the Will before its provisions can be executed. The probate process can take up to 2 years before the provisions of the will are executed. Assets held in a Living Trust, however, are not subject to probate.
The advantages of avoiding probate are several. (1) Privacy and Confidentiality. When a Will is entered into Probate, all of its provisions become a matter of public record. Since a Living Trust is a private arrangement, its terms are not made public at your death. Your assets and intentions are known only to your Trustees and Beneficiaries. (2) Reduction of Expense. The expenses of Probate are completely avoided for all assets held in your Living Trust. (3) Distribution is Expedited. A Living Trust allows assets to be distributed to your heirs as quickly as your Trust Agreement instructs and the Taxing Authorities allow, without the additional delays of Probate. Your spouse, for instance, could receive income to provide for living expenses immediately.
Wills and Trusts are common ways in which individuals distribute their wealth. Trusts, unlike Wills, have the benefit of avoiding Probate, a lengthy and costly legal process that oversees the transfer of assets. Estate planning is much more than having a Will. A proper Estate Plan will avoid the chaos and waste of assets of an unclaimed Estate, enhance your sense of security, and provide a dimension of personal wellbeing to your loved ones.
Whether you are young or more seasoned, married, coupled, or single, a parent, with or without children, you should investigate the issue of a need for an Estate Plan and/or Will. Our experienced Estate Planning Attorneys are committed to providing individualized services and timely responses and follow-ups that are essential to meeting our client’s personal needs.
Call us for all your estate planning needs today. Alexandra 773-848-4444 and Liz 773-544-1370.
Partnership Agreements and Nuptials
Pre and Post Nuptial Agreements -
A Pre-Marital Agreement, also commonly referred to as a Pre-Nuptial or Anti-Nuptial Agreement, is a contract entered into by the parties before marriage that defines what will happen when the marriage ends, either by dissolution or the death of one of the parties.
A Post-Nuptial Agreement is an agreement that spouses may enter into after they are married and circumstances where they choose to remain married, but want to divide their assets to provide for a specific division in the event of dissolution of marriage or death.
Finally, alternative agreements can be prepared for parties who while not legally married wish to ensure that they are treated with dignity and respect in the eyes of the law in spite of not being married or permitted to marry.
Parties contemplating any of these unique agreements need lawyers who can appreciate and understand the delicate balance necessary for the marriage to occur or a relationship be preserved when negotiating for the financial and partnership results the parties seek to achieve. Our attorneys have extensive experience in dealing with these delicate issues and understand the nuances and fine lines between negotiating a favorable financial settlement while preserving the parties’ relationship and respectability.
CALL US TO DISCUSS HOW WE CAN HELP YOU ACHIEVE YOUR DREAMS, GOALS AND MAINTAIN A HEALTHY PERSONAL AND FINANCIAL RELATIONSHIP BETWEEN YOU, YOUR COMMUNITY AND BETWEEN YOU AND YOUR SPOUSE OR PARTNER. Alexandra at: 773-848-4444 OR Liz at: 773-544-1370.
A Pre-Marital Agreement, also commonly referred to as a Pre-Nuptial or Anti-Nuptial Agreement, is a contract entered into by the parties before marriage that defines what will happen when the marriage ends, either by dissolution or the death of one of the parties.
A Post-Nuptial Agreement is an agreement that spouses may enter into after they are married and circumstances where they choose to remain married, but want to divide their assets to provide for a specific division in the event of dissolution of marriage or death.
Finally, alternative agreements can be prepared for parties who while not legally married wish to ensure that they are treated with dignity and respect in the eyes of the law in spite of not being married or permitted to marry.
Parties contemplating any of these unique agreements need lawyers who can appreciate and understand the delicate balance necessary for the marriage to occur or a relationship be preserved when negotiating for the financial and partnership results the parties seek to achieve. Our attorneys have extensive experience in dealing with these delicate issues and understand the nuances and fine lines between negotiating a favorable financial settlement while preserving the parties’ relationship and respectability.
CALL US TO DISCUSS HOW WE CAN HELP YOU ACHIEVE YOUR DREAMS, GOALS AND MAINTAIN A HEALTHY PERSONAL AND FINANCIAL RELATIONSHIP BETWEEN YOU, YOUR COMMUNITY AND BETWEEN YOU AND YOUR SPOUSE OR PARTNER. Alexandra at: 773-848-4444 OR Liz at: 773-544-1370.
