About estate planning, wills and trusts in New York
Estate Planning Basics
1. Will: A legal document that provides for the distribution of your assets upon your death.
2. Codicil: This is a document that supplements one’s current will.
3. Probate: The legal process of proving the validity of a will. This proceeding often takes place when a beneficiary, or someone who was a beneficiary under a prior will, alleges that some legal wrong was committed in creating the current will.
4. Trust: There are many types of trusts, generally a trust can be created for your benefit, or for the benefit of a family member or friend.
5. Special Needs Trust: A “Special Needs Trust” is a highly useful trust that can be used to provide for a family member that is disabled, and unable to earn their own money. A Special Needs Trust allows an individual to still be eligible to collect government benefits, and also receive money from the trust, allowing the beneficiary to enjoy some extra money aside from his or her government benefits. Keep in mind that the amount of money a beneficiary can received is limited.
6. Testementary trust: This is a trust that is created upon the death of an individual. It is a convenient vehicle for disposing of ones assets because it avoids the need for probate.
Article- Estate Planning Basics
Note: Other types of trusts exist, this article is meant to provide a brief overview of some options in estate planning.
Disclaimer: This is meant as a brief overview of the law in New York, and is not intended to be interpreted as legal advice. Nothing herein is to be construed as legal advice. If you have any questions, please feel free to call Quinn & Tyrrell at (516) 221-5100.