For more than twelve years, the McMahon Law Firm has been helping older Americans throughout upstate New York set up trusts and draft wills that protect and distribute their assets. I am attorney Steve McMahon and I understand the importance of preserving what has taken a lifetime to create. Below is some helpful information on wills and trusts that can answer your questions before consulting a lawyer.
For further answers, contact me. I represent clients throughout upstate New York including Onondaga, Cayuga, Oswego, and Oneida counties, as well as the cities of Syracuse, Camillus, and Auburn.
Wills and Trusts - An Overview
A will is a written communication by which a person directs how his or her estate is to be distributed upon death. The estate consists of the property that one leaves behind after death. A trust is the legal right to the beneficial enjoyment of property to which another person holds the legal title. Wills and trusts are commonly used estate planning tools.
The advice and assistance of an experienced wills and trusts attorney are essential to making sure that the measures you choose comply with your state's law and truly carry out your wishes.
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Why Do I Need a Will?
Wills are the most basic element of estate planning. A will is a legal document that explains how you want your property and assets distributed after your death. It allows you to say who you want to carry out your wishes and provides you with the opportunity to nominate a guardian for your minor children.
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Trusts 101
A trust is a great estate planning tool for anyone who wants to avoid the costs associated with probate, decrease the amount of taxes paid at death and provide limitations on their young children's ability to access money left to them.
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A User's Guide to Probate
Probate is the court-supervised process of winding up your affairs after death. Many people believe the smart thing to do is to avoid the costs and hassles of probate. Contrary to this popular belief, the probate of most estates runs smoothly. The court's supervision ensures that any outstanding debts, taxes and claims against your estate are paid and that your remaining assets are divided among your heirs.
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Death and Taxes: Planning for Both
When you die, the assets and property interests you leave behind minus any debts make up your estate. Whether your assets go through probate or you have set up alternative means for transferring your property, any estate or other taxes owed at the time of your death must be paid.
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