There are many estate planning instruments that are utilized by Nassau County estate planning attorneys on a routine basis. There’s no real reason for the typical person to have a comprehensive understanding of the tools that are available. This is why it is so important to retain the services of an estate planning lawyer when you are preparing for the inevitable.
Some of the tools that estate planning attorneys utilize are types of wills that are not very well known. One of these is the pour-over will. Let’s say that you place assets into a revocable living trust but keep some of your assets outside of the trust so that you have ready liquidity. With a pour-over will you direct the transfer of these funds into the trust after you pass away.
Another type of will that flies under the radar is the ethical will. These documents have been utilized by Jewish families and rabbis for centuries, and they are currently used by diverse people without regard to faith or creed. As the name implies, ethical wills are traditionally used to pass along your spiritual and ethical values to your heirs.
A living will is another type of will that is highly recommended. With these documents you elucidate your preferences regarding medical procedures such as the use of life support systems should you fall into a terminal condition.
This is a brief look at some of the wills that are used in estate planning that you may not have considered. If you would like to learn more, don’t hesitate to pick up the phone to arrange for an appointment to speak with a licensed and experienced Nassau County estate planning lawyer.
- “Last Will and Testament” Origin - April 1, 2021
- Do I Need a “Durable” Power of Attorney? - April 2, 2020
- Joint Tenancy Pros and Cons - March 31, 2020
Leave a Reply
You must be logged in to post a comment.