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How does an asset protection trust differ from other trusts?

Trusts are established as a part of estate planning by many people in upstate New York. Trusts can create financial legacies for surviving loved ones, and some use them to minimize estate taxes. Individuals who are concerned about legal action to attach some of their assets have additional options in the form of asset protection trusts.

Trusts can ensure funds to take care of minor children

Some New York residents put estate planning on the back burner for when they are middle-aged. However, anyone who earns an income and has children should seriously consider the need for wills and trusts. Lives can be lost in the blink of an eye, and wills and trusts can ensure that funds are available for the care of young children, should the parents die before the children reach adulthood. Parents do not usually want to stop and think of such a possibility, but having estate planning documents in place could provide peace of mind.

Pros and cons of including trusts in estate planning

Including a will in estate planning can ensure that assets are distributed as wished by the testator. However, many people in New York may also benefit from creating a trust, mainly those with larger estates. There are several different types of trusts that might serve their unique needs. However, it is advisable to learn more about the pros and cons of trusts before going that route.

Estate planning requires review of wills and trusts

Many people in New York do not realize the importance of reviewing estate planning documents occasionally. Once wills and trusts are established, reviewing them can ensure that life's changes are reflected in these documents. Advisers say all important legal documents should be reviewed and modified if necessary at three- or five-year intervals and also upon reaching certain milestones in life.

Procrastination prevents some from drafting trusts and wills

It is not uncommon for people in Upstate New York to put estate planning on the back burner. Some procrastinate, while others do not want to consider their mortality, and still others might do estate planning without professional guidance. Seeking legal counsel can prevent the many basic mistakes made by people who do not understand the intricacies of trusts, wills, powers of attorney and other estate planning documents.

Do unmarried couples need trusts and wills?

Many couples in New York state choose to remain unmarried for a variety of reasons. They might have financial or personal reasons not to get legally married. Those who have children from a previous marriage or relationship may fear that a new marriage might affect the inheritance of their children. However, those are matters that can be addressed in trusts, and unmarried couples are advised to make all their wishes known by executing estate planning documents.

How will the Secure Act affect wills and trusts?

The Secure Act was signed into law on Dec. 20. It offers expanded rules and incentives that aim to benefit part-time employees, and it will enable the owners of small firms easier ways to provide retirement plans to workers. The signing of this Act also affects the way people in New York and across the country deal with wills, trusts and other estate planning concerns.

Don't lose sight of digital assets when drafting wills and trusts

Everything related to computers and the internet play essential roles in the lives of people nationwide, including New York. For that reason, it is crucial not to lose sight of digital assets when drafting estate plans to deal with wills and trusts. Surviving loved ones will need access to essential documents and information related to digital assets.

Trusts or wills -- which are best to ensure proper care for pets?

For many New York families, their pets are like children. When they consider estate planning, they naturally include their beloved pets in those plans to ensure proper care. Are wills the most appropriate way to address these issues, or should they establish pet trusts instead?

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