You may have heard various reasons why somebody should have their assets in a Revocable Lifetime Trust. (”Revocable Trust”). Some reasons may be valid, others less so. Here is a discussion of some of these reasons, and the implications of each.
1. Asset Management
This is one of the major (more…)
You need a Last Will for many reasons. Even if you do not have a Last Will, you have an estate plan. That plan is laid out by New York’s intestacy statute, which provides the order in which your relatives will inherit your estate if you die without a will. If you are survived by your spouse only, your spouse will inherit your entire estate. If you are survived by your spouse and children, your spouse will inherit the first $50,000.00 of your estate, and the remainder will be split equally between your spouse and children. This provides the first reason why you should have a Will. (more…)