A will and a trust are two of the most important documents a person can create to ensure their assets are distributed according to their wishes after death. In New York, these two documents have different rules and requirements. Knowing the differences between the two can help you make the best decision for your estate planning needs.
Reena Gulati Blog
We're approaching the holiday season and the end of another year. If you're like most people, you probably have several goals to get off your to-do list before the new year. While you're putting in the effort to achieve your end-of-year objectives, how about you consider investing in your estate plan? Your estate plan protects the financial future of your family and loved ones when you're no longer here. As the year comes to an end, here are five things you should consider ticking off your estate planning checklist:
Generally, when we talk about a Will, it refers to a document that distributes your financial assets upon your death. Often though, people believe a Living Will is the same thing as a Will. These are two separate and distinct estate planning documents. As just stated, a traditional Will, more formally known as the Last Will & Testament, transfers your financial wealth to your heirs or your distributees, including individuals and/or charities, you determine should receive your assets upon your death. A Living Will on the other hand, is a document that informs your health care agent (i.e., a person you choose to make health care decisions for you when you are unable) what your wishes are regarding your end-of-life care.
Your relative (the decedent) died and left a will. The distribution of the decedent’s estate under the will is different from what you thought it would be. Maybe it excluded you completely or severely minimized your share. That can cause anger and resentment and can feel unjust. But the real question is if that was the decedent’s wish or was the decedent influenced in any way. Can a legal claim be made for undue influence?
