Helping You Achieve Financial Stability And Plan For The Future
Estate planning is not a task reserved for the wealthy or elderly. Regardless of the value of your estate, it is important to take proactive steps to protect your interests and ensure your wishes are carried out after you have passed on. At Felt Evans, LLP, our estate planning attorneys and knowledgeable staff are highly responsive to your needs and the needs of your family. Our hands-on approach provides the legal resources and trustworthy advice you need to understand your options and develop a plan tailored to your specific needs. Preparing for the future is vital to securing your personal financial well-being and protecting your assets in the years to come.
Understanding Common Estate Planning Tools
Most people are familiar with the basics of a will and its purpose in distributing property. However, there are various tools and methods of estate planning based on how you want your assets classified and distributed. The most common estate planning instruments are:
- Last will and testament. The simplest way to plan for the future is through a last will and testament, otherwise known as a simple will. This document simply directs how and to whom you wish your property to be divided. Another primary purpose of a will is to name a guardian for your children in the event that you and your spouse pass away before your child reaches the age of 18.
- Living trusts. As opposed to a simple will, which takes effect after your death, a living trust goes into effect while you are alive and may be for your own personal benefit or that of your chosen beneficiaries. Once you establish a living trust, your property and/or assets must be placed into the trust, and use of the property or income derived from the trust goes to either you or another person or charity of your choosing.
- Living wills. A living will is a document that allows a person to express their wishes regarding medical treatment. If you become incapacitated, either mentally or physically, and are unable to make decisions regarding your health care, a living will provides a concrete way for your family and healthcare providers to know and follow your wishes.
Our highly regarded attorneys work diligently to provide unique solutions tailored to fulfill your individual needs and comply with potential tax implications.
Protecting Your Property And Assets
If you already have a will or estate plan in place, we provide a comprehensive review of your current financial status and make changes to ensure that your assets and potential heirs are protected. Trust our experienced estate planning attorneys to ensure your new will or trust is valid and previous instruments are revoked.
Contact A Leading Estate Planning Firm In Central New York For Reliable Legal Advice
At Felt Evans, LLP, estate planning is one of the cornerstones of our practice. To discuss your options during a free consultation, call us at 315-965-1426 or contact us online. We serve clients in Utica and throughout Central New York.