WILLS

Everyone needs an estate plan to ensure that family and financial goals are met after death. An essential part of any estate plan is a Will to tell the world how to distribute assets and to provide for guardianship of any minor children. If an individual does not have a Will, the laws of each State have statutes that govern the disposition of assets and guardianship of any minor children.

A will names all beneficiaries, from surviving spouses, children and grandchildren to charities and organizations, which are to inherit estate assets. It also organizes how assets should be divided so the probate court and your personal representative (the executor) have clear direction on what percentage of the property goes to whom.

Having a properly signed and executed Last Will & Testament means that you have control over when and how your assets are distributed. Our team will help you craft a personalized document that fits your needs, reflects your wishes, and is tailored to your particular family dynamics and financial situation. Some of the reasons you need a Will are:

• Naming guardians for minor children – the Will is the only place where you can name guardians for your minor children and have that choice recognized by the Court. This is called Testamentary Appointment of Guardian of a Minor. You get to choose who will be taking care of your minor children.
• Setting up Testamentary Trusts – You can set up, within your Will, trusts that will be funded upon your death for individuals that cannot manage their money. Whether a minor child, an individual with a disability, a beneficiary with substance abuse issues, or a beneficiary that has challenges with handling their money, you can leave them assets in a trust and name a trustee to manage those funds for their benefit. You can provide vulnerable individuals in your life with protection to ensure their stability and financial wellbeing.
• Leaving money to charity or to individuals that you choose rather than relying on state laws to determine the distribution of your assets. Do you want to leave money to friends or important charities? You must have a Will to do that.
• Making provisions for your Pets. They are also beloved family members!
• Minimize overall death taxes if possible.

Speak to the attorneys at Schleifman law, PLC to see if a Will or Trust should be part of your Estate Planning.