Legal Support For Drafting Wills And Trusts In New York

I, attorney Edward Odesser, use my legal skills to help you in creating wills and trusts, offering personalized solutions that go beyond one-size-fits-all approaches. Whether you are a young professional starting to build your legacy or a retiree looking to secure your family’s future, I provide the guidance you need to navigate the intricacies of wills and trusts in New York at my firm, Edward H. Odesser LLC.

Explaining How Wills And Trusts Work

Wills and trusts are essential tools in estate planning, each serving unique purposes:

• Wills: A will is a legal document that outlines how you want your assets distributed after your death. It also allows you to name guardians for minor children and specify funeral arrangements.
• Trusts: A trust is a legal framework that allows a designated individual or institution (the trustee) to oversee and administer assets on behalf of chosen beneficiaries, providing a flexible way to manage and distribute wealth according to specific instructions. Trusts can provide more control over asset distribution and may offer tax benefits.

Understanding these key differences is important in determining which option best suits your unique situation and goals.

Why Are Wills And Trusts Important?

Wills and trusts offer numerous benefits that can significantly impact your estate planning. Here are some key reasons why they are essential:

• Asset protection: Properly structured wills and trusts can help protect your assets from creditors and potential legal claims.
• Tax efficiency: Certain trusts can minimize estate taxes, allowing more of your wealth to pass to your beneficiaries.
• Privacy: Unlike wills, trusts are not public records, offering greater privacy for your estate.
• Avoiding probate: Trusts can help your beneficiaries avoid the time-consuming and potentially costly probate process.
• Control: Both wills and trusts allow you to specify exactly how and when your assets are distributed.

By incorporating wills and trusts into your estate plan, you can ensure that your wishes are respected and your loved ones are provided for long after you’re gone.

Comprehensive Will And Trust Services In White Plains

As an experienced attorney, I provide personalized guidance for:

• Drafting and reviewing wills
• Creating various types of trusts (revocable, irrevocable, special needs, etc.)
• Updating existing wills and trusts
• Advising on tax implications of different estate planning strategies, working with your accountant and financial advisor
• Helping executors and trustees fulfill their responsibilities

With these comprehensive services, I can create a tailored estate plan that addresses your specific needs and concerns, giving you peace of mind about your family’s future.

I Answer Your Wills And Trusts Questions

What happens if I die without a will?

If you die without a will (intestate), state law determines how your assets are distributed. This may not align with your wishes and can lead to family disputes. Additionally, the court will appoint a guardian for any minor children, which may not be the person you would have chosen.

How often should I update my will or trust?

I advise reviewing your will or trust every three to five years or after significant life events such as marriage, divorce, birth of a child or substantial changes in your financial situation. Regular reviews ensure your estate plan remains current and reflects your wishes.

Can I create my own will or trust without an attorney?

While it’s possible to create a will or trust using online tools, working with a lawyer ensures your documents are legally sound and truly reflect your intentions. As your attorney, I can advise on complex situations and help you avoid potential pitfalls that could invalidate your will or trust.

What’s the difference between a revocable and irrevocable trust?

A revocable trust can be altered or terminated by the grantor during their lifetime. An irrevocable trust, once created, generally cannot be changed. Each type has different benefits and drawbacks regarding asset protection, tax implications, and control.

Start On Your Will Or Trust Today: Call Now

It’s never too late to draft a will or trust. Contact me at Edward H. Odesser LLC to schedule a consultation. I’ll work closely with you to develop a comprehensive plan that protects your assets and provides for your loved ones. Call me at 914 502 4009 or fill out my online form to start securing your legacy today.

The information on this website is presented for informational and marketing purposes only and is not to be understood as legal advice.