Law Offices in San Diego, CA 760-500-5451 & New York, NY 646-895-0939 mbettilaw@gmail.com

 

Wills, Trusts and Estate Law

No Will, Trust or Estate Plan In Place Is Costly To You and Your Loved Ones.

No will or estate plan in place leaves all your assets subject to probate court, judges and potentially higher tax’s and costs. Your assets may be distributed in a manner against your wishes all because there is no will or estate plan in place. Plus, in the event that you have a injury or medical emergency who will make decisions for you, pay your bills or handle legal and financial matters for you?

Do I need a will?

  1. What is a will?
  2. Does a will cover everything I own?
  3. What happens if I don’t have a will?
  4. Are there various kinds of wills?
  5. What if my assets pass to a trust after my death?
  6. Can I change or revoke my will?
  7. How are the provisions of a will carried out?
  8. Who should know about my will?
  9. Will my beneficiaries have to pay estate taxes?
  10. What other planning should I do?
  11. How can I find a lawyer to write a will for me?

Your will is a legal document in which you give certain instructions to be carried out after your death. You may name beneficiaries (family members, friends, spouse, domestic partner or charitable organizations, for example) to receive your assets according to the instructions in your will. You may nominate a person to be responsible for your child’s personal care if you die before your child turns 18. You may nominate a person or institution (an executor) to collect and manage your assets.

Keep in mind that a will is just part of the estate planning process.

Why a estate plan vs. simple will

Whether your estate is large or small, you probably need an estate plan. Why, simple will’s (depending on the state which you live) could fall short of expectations and leave state law or a judge to rule on aspects of your estate. How?

  1. Some kinds of property may not pass through a simple will (subject to state laws)
  2. Your health and desired treatment should you become unable to care for yourself or control your own medical choices.
  3. Financial matters: should you become unable to make financial decisions whom do you want to handle your finances and make decisions?
  4. Unmarried (no legal civil union or domestic partnership)  Life partners not protected under legal means (Estate Plan or Trust) often have no standing when it comes to partners medical decisions, estate, property and child custody when a minor is involved.

Estate planning is a process.

It involves your family, other individuals and, in many cases, charitable organizations of your choice. It also involves your assets (your property) and the various forms of ownership and title that those assets may take. And it addresses your future needs in case you ever become unable to care for yourself.

Through estate planning, you can determine:

  1. How and by whom your assets will be managed for your benefit during your life if you ever become unable to manage them yourself.
  2. Distribution of your assets during your lifetime.
  3. How and to whom your assets will be distributed after your death.
  4. How and by whom your personal care will be managed and how health care decisions will be made during your lifetime if you become unable to care for yourself.

Do I need a living trust?

  1. How could a living trust be helpful if I become incapacitated?
  2. How could a living trust be helpful at my death?
  3. Who should be the trustee of my living trust?
  4. How are my assets put into the living trust?
  5. If I have a living trust, do I still need a will?
  6. Will a living trust help reduce estate taxes?

Living Trust is a written legal document that partially substitutes for a will. With a living trust, your assets (your home, bank accounts and stocks, for example) are put into the trust, administered for your benefit during your lifetime, and then transferred to your beneficiaries when you die. Most people name themselves as the trustee in charge of managing their trust’s assets. This way, even though your assets have been put into the trust, you can remain in control of your assets during your lifetime. You can also name a successor trustee (a person or an institution) who will manage the trust’s assets if you ever become unable or unwilling to do so yourself.

Do I need a will?

  1. What is a will?
  2. Does a will cover everything I own?
  3. What happens if I don’t have a will?
  4. Are there various kinds of wills?
  5. What if my assets pass to a trust after my death?
  6. Can I change or revoke my will?
  7. How are the provisions of a will carried out?
  8. Who should know about my will?
  9. Will my beneficiaries have to pay estate taxes?
  10. What other planning should I do?
  11. How can I find a lawyer to write a will for me?

Areas of Practice In Estate Planning

Wills
Living Wills
Trusts
Power of Attorney
Medical Directives
Probate Court

Estate Planning Basics

Estate Planning

Is a strategic plan that helps you to carry out your wishes with regard to care taking of your person should you become incapacitated or upon your death. This could include management and distribution of your assets, medical care and more. It will help you be aware of the financial responsibilities and consequences of those choices.

Probate

Probate court appoints someone to take control of the deceased person’s assets, ensure that all debts are properly paid, and distribute the remaining property to the proper beneficiaries.

For those with or without wills will have to navigate probate court which can be a time consuming and often stressful ordeal. Since a will is not a separate legal entity like a living will is, it will still have to be administered through probate court and will bare similar court costs, expenses and probate tax. Avoiding probate court or to minimize assets subject to probate many restructure which assets are held in a living trust.

Living Trusts

A living trust is considered a legal entity. To “fund” a trust you transfer or place assets into the trust.  The trust is then owner of the assets with you, your spouse and/or partner being designated “Trustee(s)” of the trust.  You are still beneficial owner of the assets. You are just no longer considered “legal owner of record”  If you pass  or are incapacitated   a “successor trustee” follows your directives on what to do much the same as an executor would, except there is no probate court involved. Another advantage is the trust details are completely private and not subject to public record,  less expensive to administer, is more difficult to contest.

Wills, Trusts and Estate Planning Why do you need to have a Estate Plan.. Betti and Associates Law Firm

For more information on wills, trusts and estate planning, please

Contact Betti & Associates For a Free Confidential Consultation

Any information shared on this form will [not] be considered attorney-client privileged or the subject of the attorney work-product doctrine.

ADDRESS

30 Wall Street, 8th Floor, NY, NY 10005, United States

CONTACT

Tel: +1 646-895-0939

EMAIL

mbettilaw@gmail .com

Thank you for your inquiry in regards to Betti & Associates helping you with your legal matter.  Due to spam and auto-form-filling bots, we limit inquiries to two contacts via our online form. Know that, we have your original message on file, and will reach out to you regarding your legal matter.

Case Files

Seeking Truth and Justice for Survivors of Sexual Abuse

BLOG – OPINIONS- ARTICLES- NEWS IN THE LAW

Margaret Markey, New York State Assemblywoman, Has Introduced Legislation Regarding Childhood Sexual Abuse Since 2006

Margaret Markey, New York State Assemblywoman, Has Introduced Legislation Regarding Childhood Sexual Abuse Since 2006

Margaret Markey, state assemblywoman, has introduced legislation regarding childhood sexual abuse since 2006.  The Queens lawmaker proposes that legislation would allow victims of childhood sexual abuse to seek criminal charges and file civil lawsuits. Her attempts to...

read more
National Crime Victim Bar Association/National Center for Victims of Crime Founded in 1999 Continues Work of Frank Carrington’s Commitment to Civil Justice for Victims

National Crime Victim Bar Association/National Center for Victims of Crime Founded in 1999 Continues Work of Frank Carrington’s Commitment to Civil Justice for Victims

By MICHELE M. BETTI | b&a opinions | https://bettiandassociates.com The 2015 National Crime Victim Bar Association’s National Conference will be held September 9-11 in Anaheim, CA. The conference will be held in conjunction with the National Center for Victims of...

read more