A Will Is A Critical Part Of Estate Planning
A will is one of the most commonly used tools in estate planning, but there are still many misconceptions about what a will does for you and your loved ones. At Weinstein & Randisi, a Rochester, New York, estate planning law firm, we guide clients through the process of creating estate plans that fit their lives – often drafting and modifying wills in the process.
A last will and testament, more commonly referred to simply as a will, is a legal document that tells the court how you want your property and financial assets to be distributed after you have passed away..
Many people mistakenly believe that it is not important for them to have a will, because they are not wealthy or their family already knows what they would want if something should happen to them. However, without a properly executed will, your family may not know or be able to carry out your wishes.
Planning For Your Children’s Success
One of the benefits of estate planning is that you can focus on your children’s future and their success. A chance for you to give them stability, even if the unexpected happens.
If your children are still minors, one critical step will be naming a guardian for them in your will. This designates who will take care of them if you’re no longer able to do so. The guardian can meet their daily needs, give them a place to live and make important decisions –such as educational or health care decisions – on their behalf. Although this person is not a parent, they are stepping into a parental role, which can be very helpful for children at this time.
Another thing to remember is that a minor child likely cannot inherit directly from you, even as a parent. Say that you have $200,000 that you want to leave them for their college education. You may not be able to give it to them directly, but you can set up a trust to hold the funds for them. You can then specify when they get access to that trust – at a specific age, for specific reasons, etc. You put a trustee in charge so that an adult is still helping to facilitate the process and make these key decisions, but you get to leave financial assets directly to your child to support them and their future, even after you are gone.
In both of these ways, you can see why taking these steps is worth the costs of estate planning. You’re not just looking into the legal details of trusts and estate issues or figuring out how to cover a fee or an administration cost. Rather, you are taking proactive steps to put your child in the best possible position and give them the best future that you can. That is certainly your goal as a parent while you are living with your child, and it likely remains your goal long after you pass away. With a properly executed estate plan, you can do most of this in advance, giving yourself peace of mind and knowing that your child has the stability and the positive future that you’ve always envisioned for them.
Our attorneys at Weinstein & Randisi are experienced in crafting estate plans that safeguard your children’s future. Call now to set up a free consultation.
Experienced Advocates Helping You Plan For Your Future
At Weinstein & Randisi, we begin every estate plan by sitting down with our clients to discuss their goals. Then, we offer practical advice on the most efficient and effective way to make those goals a reality. Our seasoned estate planning lawyers will guide you through the process of drafting a comprehensive will that addresses your current needs and future contingencies.
In addition to drafting the will, we take the time to explain how a will guides the probate process. Contrary to belief, a will does not prevent your estate from going through the probate process. Instead, the will provides a judge with an instruction sheet to follow. We outline how your property and assets would be dealt with as the probate administration moves forward, and answer questions now about probate, so that you can feel confident that you have the right estate plan in place for your family.
As time goes by and your assets change, so do the needs of your loved ones. We build lasting relationships with clients, meeting with them regularly, helping them keep their wills and other estate planning documents up-to-date. If you have a question about how your will may be affected by a change in the law or in your personal situation, we are always available to answer your questions free of charge.
Contact A Canandaigua Will And Probate Attorney
To schedule a free consultation with an experienced Rochester wills attorney, contact Weinstein & Randisi at 585-310-1578 or toll free at 800-768-1780.
