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Many times, when people have children, buy a home or experience the passing of a loved one, the topic of an Estate Plan presents. A properly crafted Estate Plan is one of the most important things you can do to provide stability for your loved ones when you are gone.
WILLS
A will is a written direction controlling the disposition of property at death.
The laws of each state set the formal requirements for a legal will.
Wills are required to be admitted to court after death and track the lengthy probate process.
TRUSTS
A Trust is similar to a will in the sense that A TRUST documents your wishes regarding the distribution of assets. A Trust creates and ensures a far more efficient process for your loved ones after your passing. A properly drafted Trust will allow your beneficiaries to avoid the probate proceedings saving your family time and expense.
WILLS & TRUSTS CLOSER LOOK
When the time comes to have this very important conversation, you should be guided by a professional with the proper experience to help you achieve your goals. An estate plan prepared by a skilled lawyer will allow you to rest assured that your loved ones will be taken care of. Should you fail to make a will or a trust (this is called dying “intestate”) your assets will be distributed according to a formula set by law. Such tools as Powers of Attorney, living wills, designations of healthcare surrogates will aid in the crafting of the final plan. Please be aware that should you fail to make the proper plans, the inheritance statute will determine what befalls your Property and Assets, rather than You directing and ensuring how the details of your Estate unfold. At Kahn & Kahn our approach is comprehensive and personalized to each individual situation. The first step to creating a will or trust is by scheduling a time to review the particulars of your situation. Please Contact us today to begin this most important conversation.