In New York, estate owners create comprehensive plans for dividing their assets and wealth among their family. The plans must address complexities such as any outstanding debts and common tax liabilities. A Trusts Lawyer Nassau County NY could provide help for estate owners and reduce issues for their families.
Defining When Beneficiaries Receive Their Inheritance
Estate owners retain the right to impose specific stipulations when it comes to their family’s inheritance. For example, minor children shouldn’t face the responsibility of excessive wealth at an early age. The owner could specify an appropriate age for their child to receive their wealth. By adding the clause in their will, the funds remain in a trust and are protected by local laws.
Identifying a New Guardian for Minor Children
Parents should plan ahead for the unexpected by creating a will. The document helps the parents identify a new legal guardian if both parents die while the child is a minor. Stipulations are often added to these assignments as well. For instance, the parents may identify what school they want the child to attend or specify what religion they want their child to follow.
Managing Old Debts
A Trusts Lawyer in Nassau County NY can help estate owners set up accounts to settle outstanding debts. For example, the estate owner could set aside a whole life insurance policy for settling their debts. With the right plan, the estate won’t stay in probate for a lengthy amount of time. Their administrator can cash in the policy and pay off the estate owner’s debts.
Decreasing Tax Liabilities
A common practice for decreasing tax liabilities is to reduce the total value of the estate. The transfer of ownership of real property to a family member could reduce the value of the estate significantly.
In New York, estate owners create wills and trusts to manage their assets and wealth after they die. The estate plan identifies an administrator who manages the distribution of the owner’s assets. It also defines how debts are managed and when minors receive their inheritance. Estate owners who need the services of a Trusts Lawyer can contact The Law Offices of Peter Morra in Nassau County NY right now.
