Drafting a Will or Pour-Over Will
A properly drafted will is a gift you give your loved ones. By providing clear direction you spare them uncertainty and make the process of estate administration easier. Wills vary from simple to elaborate and can include instructions about care of minor children and gifts to charity.
While a will may be one of the most simple estate planning documents, it is not foolproof. As the estate litigation team at GREENFIELD STEIN & SENIOR, LLP, can attest, a poorly drafted will can lead to costly court battles. By working with one of the experienced estate planning attorneys at GREENFIELD STEIN & SENIOR, LLP, we can ensure that your will is legally valid, clear and unambiguous, and complies with applicable current laws.
Wills and Trusts
Whether you need a will or a living trust will depend upon your goals and your financial situation. As a general rule, a living trust is more expensive to create and administer, but it saves money by avoiding probate.
A will, on the other hand, is less expensive to create initially, but requires your beneficiaries to go through the process of probate. Whether probate is an important issue for you depends on your circumstances.
Wills can work together with trusts to ensure that all of your property is transferred to your heirs. A will that handles this function is called a pour-over will, because it "pours" property that hadn't previously been transferred into the trust at the time of death.
On the other hand, some types of property don't require a will or a trust to transfer assets. Property owned in joint tenancy will go automatically to the surviving joint tenant. Assets that specifically name a beneficiary-pension funds, "in trust for" bank accounts, insurance policies-will go to the named beneficiary.
Our estate planning lawyers can help you in drafting a will that communicates your wishes to your loved ones. Contact our midtown Manhattan law office to begin the process today.
