Most people know that a will is foundational in an estate plan. While wills are important, they come with certain disadvantages that are important to understand.
The most significant downside to having a will is that when you die, it must go through the probate process. Probate occurs when a judge directs the handling of the will and is both time-consuming and expensive. With the right estate plan, you can avoid having most of your assets go through probate, saving your loved ones time and money after you die.
Even with the disadvantages of a will, it is still important to have one, especially if you have minor children. Contact our law group right away to learn more about wills and get help crafting the perfect estate plan.
Does My Will Have to Go Through Probate?
In many states, such as New York, individuals who die with a will are still subject to having their assets go through probate. Some estate planning tools, such as trusts, can minimize the effect probate has on their possessions.
Probate is not an ideal way of distributing funds because the judge will assign your estate to family members according to state law. This leaves you little control over how your wealth is passed on. Probate also exposes your family to the public eye, as probate is a public process. If you wish to avoid your assets becoming public knowledge, you may wish to use trusts to maintain your privacy.
Why Should I Have a Will?
Having a will is still extremely important, especially if you have young children. If both parents die, your will can provide a guardian for them of your choice. Without a will, the state will choose a family member to raise them.
You may also need a will for the small estate items left over after placing the majority of your valuables into trusts.
Should You Hire Our Attorneys?
When considering an estate plan, it is essential to speak with trusted legal professionals. Your estate planning lawyer should have a great deal of experience so they can recommend the right tools for your estate plan.
At Davidov Law Group, we have helped countless clients prepare for the future by creating thorough estate plans. We know what documents to use to protect your assets from creditors now and from future threats, such as unnecessary taxes and probate.
To learn more about what type of will and trusts are right for you, please reach out to us right away. You can contact our talented legal team at (516)-928-6594 to schedule a free consultation. Taking this simple step today can pay huge dividends for your loved ones in the future, so call now!