Do I Need Both A Will & A Trust?

A will and a trust both concern asset allocation, but each has specific advantages and serves a slightly different purpose. A will is a basic, yet essential document everyone should have. It outlines how someone’s affairs should be handled after their death. A will addresses various items, like resources outside a trust, or guardianship for minors. A trust is more complicated to set up and is not always necessary, but has additional benefits such as increased privacy and the ability to avoid probate.

Although a will is an important first step in estate planning, it is only one step. At The Law Offices of Michael Camporeale, P.C., we can assist you through the entire process of estate planning, including drafting a will, determining whether you need a trust, and using other estate planning tools.

Why Is Estate Planning Important?

Estate planning protects your assets and ensures that your designated beneficiaries receive what you have prearranged. When an individual passes without a will, or intestate, their estate must undergo probate. This is a process where the court decides upon the division of their property. Probate is often a lengthy, expensive, and stressful experience for those involved. During probate, a person’s property may not be given to their intended recipients or distributed the way they would have wished.

Proper estate planning ensures that all assets are accounted for and awarded to the intended beneficiaries. A common misconception is that estate planning is only necessary for wealthy people with large or complex estates. However, individuals at all economic levels and their loved ones can benefit from estate planning. No matter your circumstances or the size of your estate, an experienced lawyer can assist you with preparing your estate.

Why Should I Hire An Estate Planning Lawyer?

While a few basics could be accomplished without professional assistance, estate planning is not a matter worth risking. Our expert attorneys can provide assurance of proper estate planning that meets all legal requirements. At The Law Offices of Michael Camporeale, we offer complete estate planning services. We can write wills or trusts, oversee the details of your estate plan, and verify that no important items have been omitted. Knowledgeable estate planning lawyers can also help avoid confusion about the terms of any documents.

If an estate's value exceeds a certain amount, the federal government and the state of New York impose estate taxes. Our firm can provide strategies to maximize your estate and avoid or reduce estate taxes. We are also qualified to represent you in trust litigation cases in the event of disputes over a trust.

Our law firm specializes in understanding the various elements and laws of estate planning in New York. Knowing that your affairs are in order will bring peace of mind to you and those you love.

What Estate Planning Documents Are Necessary?

The documents needed for estate planning in New York vary, but usually involve a will, a power of attorney, and an advance directive. An advance directive document establishes medical care in the event of incapacitation. Preparation paperwork can include personal identity documents, insurance policies, and property titles and deeds. The Law Offices of Michael Camporeale can help you determine which estate planning and personal documents you will need.

Ready To Get Started? Call Us Today!

Navigating the complexities of estate planning is challenging, and it is easy to overlook important details. Whether you need a lawyer for preparing wills, a trust litigation lawyer, or someone to assist you with all aspects of estate planning in New York, our law firm is available to guide you through the process.

Proper preparation with an estate planning attorney assures your loved ones, safeguards your assets, and increases your peace of mind. If you have further questions or want to get started with estate planning services, call The Law Offices of Michael Camporeale, P.C., at (718) 475-9639.