DRAFTING OF WILLS, TRUSTS & OTHER ESTATE PLANNING DOCUMENTS
At Underberg & Kessler, we have a dedicated team of attorneys with the experience and specialized skill set to assist our clients with all of their estate planning needs. Our attorneys work together with our clients to formulate the best estate planning strategy for each client in an effort to meet their estate planning goals. Our attorneys offer assistance and guidance in all stages of the estate planning process to make sure that each client’s estate planning goals are being met. Read below to learn more about Estates & Trusts and the legal services our attorneys offer.
You can contact us here to engage our attorneys in regards to drafting a will or trust.
What is a Last Will and Testament?
The Last Will and Testament is typically the primary estate planning document which, among other things, memorializes the client’s estate planning goals, appoints a fiduciary to administer the decedent’s estate and direct the disposition of a client’s assets at death, and directs who will obtain custody of any minor children the decedent left behind.
What Happens if Someone Dies Without a Will in Place?
When a person dies without a valid Will, his or her estate passes to heirs or certain classes of family members by intestate succession, as prescribed in New York State laws. The purpose of intestate succession statutes is to distribute the Decedent’s property in an organized manner; however, such a distribution scheme may be dramatically different from a decedent’s estate planning goals. It is recommended that each person have a Will that is prepared by an experienced attorney.
What is a Trust?
A trust like a Will, can also be utilized to determine the disposition of a client’s assets at death. A trust is a legal entity a person sets up to manage their assets. As assets are legally placed into the trust, they are managed by a trustee. There are generally two different types of trusts available:
Revocable Trust
Also often referred to as a living trust, a revocable trust is a trust that can be changed by the Grantor without the consent of the beneficiaries. The Grantor can, for example, add or remove assets to or from the Trust, change Trust beneficiaries, and modify stipulations as to how the assets in the trust are managed.
Irrevocable Trust
A trust of this type locks in the terms of the trust upon creation, and generally speaking, cannot be amended by the Grantor. Unlike a revocable trust, the owner of the trust loses all rights to ownership of the assets once they are legally placed into the trust, and therefore has those assets removed from the owner’s taxable estate.
What is better, a Will or a Trust?
Both a Last Will and Testament and a Trust are foundational documents of a streamlined estate plan and no one document is better than the other. The attorneys at Underberg & Kessler work with our clients to determine which estate planning vehicle will best allow them to meet their estate planning goals, protect their assets, and transfer their assets to their loved ones in a streamlined and tax efficient manner.
Drafting of Wills, Trusts, & Other Estate Document Experience
Our Experience in Western NY and Beyond
•Our experience with wills, trusts, and estates in New York as well as a multitude of other states allows us to effectively advise or clients with all of their estate planning needs.
•With over a century of knowledge between and among us, we can be relied upon to provide our clients with the estate planning guidance they need, both now and in the future.
OUR ESTATE PLANNING DOCUMENT ATTORNEY:
To learn more about our individual attorneys, please click on their picture to view their biography:
Joshua B. Beisker
Rochester, NY