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Insight from the Law office of Joseph Marino, PC
In order to protect your loved ones, it’s essential to have a will or trust in place well in advance.
In order to protect your loved ones, it’s essential to have a will or trust in place well in advance.
Upon your passing, your loved ones may not have the strength to go through and divide your possessions, nor do they know who should get what. Therefore, a document laying this out will help them through this already tough time. Google search trends show that there has been a surge in people searching, “wills
and trust attorney near me.” Read on to find out why creating wills and trust during a pandemic has become a priority.
Will vs Trust
A will is a legal document that lays out your wishes for your assets after you die. You can determine exactly who your assets will go to, whether they are family or not. You can also use the will to write out your funeral wishes, make charitable donations and appoint who you would want to be guardian of your minor children.
A trust acts similarly, but it can skip probate court. Furthermore, if you set up a revocable living trust, you are able to create, enforce, and change any aspect of it while you’re still alive. Additionally, a trust is private and can be used to transfer ownership of homes and/or other assets to a successor without having to go through a lengthy and expensive court process.
Why You Need a Will or Trust During a Crisis
Now that you know the basic difference between a will and a trust, here are seven reasons why it’s
important to have one (or both) before a crisis occurs.
1. Control over your finances:
You get to determine how you want your expenses, inheritance, and
investments to be treated.
2. Control over your healthcare:
You are able to choose who cares for you and exactly how you’d want their help.
3. Protection over your property:
You worked hard for the property you now own; why not protect it before something happens? A Suffolk County estate planning attorney can help you with the process.
4. Business succession:
You can have a detailed plan in place, appointing someone to take over your business or to close, liquidate, and distribute assets.
5. Guardianship:
If you have small children, you can assign guardianship over them to ensure they are cared for by a responsible adult of your choosing. You can also leave property to your young
children and their guardian – another process our Long Island estate planning attorney can help you with
6. Pet caretaker:
You can assign a caretaker for all your pets and even leave some money for them.
You can also leave specific care instructions, such as the brand of food your pet should be given,
and if they should be taken on long walks every day.
7. Name an executor:
This person will help ensure your assets go to the right people. If you don’t name an executor in your will, one will be appointed by the court.
Whether you have questions about how to assign guardianship or just general estate planning questions, our Suffolk County Law Offices have the legal experts you need to guide you through the
process.
Insight from the Law office of Joseph Marino, PC
5 Ways of Dealing With the Impact of a Foreclosure
As we enter the new year, the last thing anyone has on their minds is elder law—but perhaps you should make it a New Year’s resolution to sort out your affairs this year.
Elder law attorneys like those at the Law Office of Joe Marino, PC, can help you with this process by providing advice, guidance, and support. Here are some of the things an elder law attorney may help you with:
So, what is the probate process? How can you make sure everyone will get what you want them to get? Let’s find out.
Even without a global pandemic to shut everything down, elderly people are at a disadvantage because the world is literally changing all around them. They have to adapt to and adopt new technologies that make little sense to them just to stay relevant.
There are numerous methods of investing in real estate nowadays. Did you know that you don’t have to buy a property outright in order to reap the benefits of investment? That’s right—with fractional investing, you can purchase shares in commercial or residential property and earn passive income.
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Sound legal advice is based on years of training, hard work, passion, and familiarity with legislation and precedent and sound consideration.
You’ll find all that and more at the Law Office of Joseph Marino, PC.
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