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Estate planning in Syracuse is more than just creating a will

When most people consider how they will pass on their assets to heirs, they first think of naming beneficiaries in a will. While this is a common way of ensuring a thorough asset distribution, estate holders may also want to consider setting up trusts.

Wills are normally used to name caretakers for children as well as who gets what assets. When a person dies, the assets listed in a will are distributed immediately. On the other hand, trusts give estate holders a great deal more flexibility about how assets are distributed, and they can be doled out over a period of time.

Trusts can be a good option for someone who may be leaving assets to a younger individual who may not be able to manage a great deal of wealth. A trust can be set up so that property is distributed in increments over time, when the beneficiary reaches a certain age or when the beneficiary meets particular criteria, such as getting married or obtaining a degree.

Another important part of estate planning is setting up powers of attorney. Powers of attorney allow estate holders to name people they trust to make choices for them if they are not able to. A common example of a power of attorney is one that allows an agent to handle the estate holder's finances while they are out of the country. Powers of attorney can also be used to manage a person's health care. Those who are interested in learning more about estate planning may reach out to a lawyer.

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