Secure Your Assets With A Will Or Trust
For adults of any age, there are many ways to benefit from preparing for the future of your assets. An experienced attorney can walk you through the process of creating wills and trusts, and can answer any questions you may have.
At Hobika Law Firm in Utica, we handle various estate planning matters for clients throughout the Utica-Rome area in New York. No matter how complex the financial circumstances are in your life, you can rely on our skilled attorneys to help you map out a will or trust that meets your needs.
Understanding The Difference Between A Will And A Trust
While wills and trusts share many functions, they have significant differences that may determine which path is more suitable to your goals.
Wills allow you designate certain people to inherit or take over your assets upon your death. If you have minor-aged children, you may also name a legal guardian for them.
To ensure that your will is administered according to your wishes, it’s important to name as your executor someone you can count on. This person will be responsible for distributing your property according to your wishes if you go through the probate process.
Trusts are more flexible than wills, offering many more functions in addition to designating beneficiaries. A trust can be tailored to meet very specific needs, allowing you to determine exactly when you would like it to take effect, how much of an asset you would like to grant, and even how frequently. Trusts can also be used to avoid the probate process.
Our law firm can help you determine whether and how to use a trust to achieve your goals. This could include:
- Living trust: Trusts that take effect while you are still alive
- Revocable trust: Trusts that you can make changes to while you are still alive
- Irrevocable trust: Trusts that cannot be amended
- Testamentary trust: Created in addition to a will, and will not take effect until your death
- Charitable trust: To ensure donations to a charity or organization of your choice
Unlike a will, a trust may not be subject to probate, and therefore does not require an executor to represent you in court. Instead, a trust is typically administered privately by your assigned trustee. This person will also be responsible for protecting your assets until it is time to distribute them.
Determining The Right Path
Each financial situation is unique, and what may look like the right path for one person may be unnecessary for another. Our lawyers at Hobika Law Firm can help you determine what your most pressing financial needs are and how you can come up an effective plan. Additionally, we can help you choose the right trustee, executor and beneficiaries so that you can feel confident about entrusting your assets.