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At Ettinger Law Firm, we provide comprehensive will planning services to help New York residents meet their estate planning needs. As the largest elder law and trust and estate planning law firm in the state, we have the experience and resources to provide the most appropriate legal solutions for your unique situation.
Although preparing a will has been a widely accepted estate planning practice for generations, it has some drawbacks for many older adults. One is the legal requirement to prove the will’s validity via a court proceeding known as probate, which can be expensive and time-consuming. Additionally, the court filing requirement enters the will into the public record, enabling anyone to view it. Individuals can contest the will if they believe they have been left out of it unjustly or received less than they think they should have.
For these reasons, trusts are becoming a preferred legal alternative to wills in many estate planning situations. Still, there are advantages to having a will versus nothing at all. Without a will, assets subject to probate are distributed according to state law instead of someone’s wishes. A will also offers some benefits that a trust cannot, such as naming guardians for any minor children of the decedent.
It’s also important to note that wills can exist in conjunction with trusts. For example, a will can dictate that all assets not in a trust be transferred into a trust upon one’s death. This type of will is often known as a pour-over will. Another type of will is a living will, which includes instructions for medically related issues. An individual might create this type of will to communicate their wishes in the event they’re living but unable to share them when decision points arise.
While a legal will or trust directs the distribution of your financial and physical assets upon your death, an ethical will entails the bequeathing of spiritual values, such as how to lead a moral life. An example is when parents write a letter to their children that attempts to convey the core values and important life lessons they have learned. This document is not legally binding but can be a vehicle for an individual to clarify and communicate their values for the family and future generations.
Regardless of your situation, you can count on Ettinger Law Firm to keep your best interests in mind. Our firm focuses on helping older adults develop and implement targeted wealth-planning strategies to safeguard their assets, family and future.
At Ettinger Law Firm, we recognize that many of our clients are unfamiliar with the legal process or have limited experience working with attorneys. Our low-key approach allows you to make these crucial decisions on your timeline.
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At Ettinger Law Firm, our elder law lawyers focus on the needs of older adults in New York when protecting their families, assets and future. We recognize that many of our clients have minimal or no experience working with attorneys — our low-pressure approach enables you to make these crucial life decisions at your own pace. Trust our team to educate you and make the information you need accessible throughout the process.
Contact us today to learn more or schedule a No-Cost Consultation for elder law estate planning.
