Making a will is one of the most important things you can do for your loved ones. It ensures that your wishes are carried out after you die, and the experts at Marchese & Maynard, LLP in Manhasset, New York know it can help to avoid family disputes. If you’re looking for a good book on wills and estate planning, check out some of these top titles.
Why Reading About Wills And Estates Is Important
You never know when death might come knocking on your door. Having a will or an estate plan in place is one of the best ways to ensure that your loved ones are taken care of after you’re gone. But understanding the complex laws surrounding wills and estates can be daunting.
Marchese & Maynard, LLP say that’s why educating yourself on the topic is a good idea. Reading about wills and estates can help you better understand how to protect your assets and provide for your family. It can also give you peace of mind knowing that you have a plan in place for what will happen to your possessions after you die. So don’t wait until it’s too late. Start reading up on wills and estates today.
Books To Read On Wills And Estates
There are many different books available on the subject of wills and estates. Check out some of these top picks if you’re unsure where to start.
Living Trusts For Everyone By Ronald Farrington
This book is an excellent resource for understanding living trusts. It covers everything from the basics of trusts to more complex topics like tax planning and asset protection.
The Executor’s Handbook By Mary Randolph
If you’re named as an executor in someone’s will, this handbook can help you understand your responsibilities. It covers topics like probate, estate administration, and funeral planning.
The Trustee’s Legal Companion By Lila Hirsch
This book is a helpful guide for trustees. It covers essential topics like fiduciary duties, investment strategies, and risk management.
Estate Planning For Dummies By Nolo Editors
This book is a great starting point for anyone who wants to learn about estate planning. It covers the basics of wills, trusts, and probate.
How To Make A Trust
Regarding estate planning, Marchese & Maynard, LLP professionals say one of the essential tools you have at your disposal is trust. A trust can help you control how your assets are distributed after your death and offer significant tax advantages. But how do you go about creating trust? The first step is to consult with an attorney or financial advisor to determine whether a belief is correct for you. To proceed, you must choose a trustee and draft a trust document. The trustee will be responsible for managing the trust assets, and the trust document will specify how the assets are to be used.
Once the trust is created, you will need to transfer your assets into it. This can be done through a deed transfer or by changing the ownership designation on your investment accounts. Once the transfer is complete, the trust becomes the new owner of your assets. As long as you follow the trust document’s terms, your assets will be safe from estate taxes and creditors. Creating trust may seem like a complicated process, but proper planning can be an excellent way to protect your family’s future.
What Are The Different Types Of Trusts?
A trust is a legal arrangement in which one person (the trustee) holds property for the benefit of another person (the beneficiary). There are several types of trusts, and the best one for you depends on your circumstances.
The most common type of trust is a revocable living trust, which allows you to change the terms of the trust at any time. This type of trust can be a helpful tool for estate planning, as it can help you avoid probate. Another option is an irrevocable trust, which cannot be changed after it is created. This type of trust can offer significant tax advantages, but it is not suitable for everyone.
What Are The Different Types Of Wills?
A will is a legal document that specifies how you would like your assets to be distributed after death. There are several different types of choices, and the best one for you will depend on your circumstances.
Marchese & Maynard, LLP say the most common type of will is a testamentary one created by an attorney and signed by witnesses. Another option is a living will, also known as an advance directive. This type of will allows you to specify your wishes for end-of-life care if you become incapacitated. You can also create a handwritten holographic will that does not require witnesses. However, this type of will is often less reliable than other types and may not be valid in all states.
Creating a will or trust is an essential step in protecting your assets and ensuring that your wishes are carried out after your death. However, the process can be complicated and confusing. That’s why it’s essential to consult with an experienced attorney or financial advisor to ensure that you take the proper steps for your unique situation.