You probably heard people say that trusts are only for the rich, or that they’re only for people with a certain high net worth. This is not our belief, nor is thisthe approach we take here at Guardians of Legacy. We let our families decide which planning type is best for their particular needs and desires. Our families determine whether a will or a trust would best fit their needs. However, we believe that this decision should have nothing to do with how many assets they own, how many assets they might acquire in the future, or even the amount of their net worth. We believe that it really depends on each families’ particular needs. Each family must decide what they would like to happen, after their passing and which estate planning tool would best satisfy their desires. We also believe that this decision should be based
on whether it is important to our clients, to avoid additional expenses (legal fees, taxes, etc.) and work related to administering your estate, for their loved ones who would be tasked with fulfilling these tasks.

If a family member only left a will, and no trust, the surviving family members would likely be required to go through the probate process, in court. The probate process would require them to commence a lawsuit to effectuate your will. In most cases, however, if a person utilizes a trust, and it is created properly, their family could avoid the probate court process, and your assets would likely be much more immediately available to those who you designated as beneficiaries. Details of their estate would also be kept private, versus those details becoming public record, which occurs when a person only uses a will.

It has proven to be extremely helpful to the families we work with, to help our them understand the ins and outs concerning how a will, as a sole estate planning device functions, versus the functionality of an estate plan when it also includes a trust. We take time to explain the steps that are typically required when a person’s estate only consists of a will, versus, the steps required when a person’s assets are held in a trust, for their beneficiaries. In better understanding these details, has made it much easier for families to understand which estate planning tools best fit their particular needs, and the needs of their family and loved ones they will leave behind.

We never make a judgment call, looking solely at our person’s assets, and determine that any particular person needs a trust, or that a particular person does not need a trust. We don’t make this judgment call. That decision is made by our clients after we have gone to great lengths to educate them about the differences between the various estate planning options, so that ultimately, they can decide with confidence, which estate planning route is best for them, as well as their family and their particular needs.

There are actually two myths that I frequently come across:

Myth Number One: I find that a lot of people think a will covers every estate planning contingency. Many people believe that all you need is a will, and you’ll be adequately prepared when you die. However, that's absolutely not true.

A will doesn’t cover what happens if you become incapacitated or disabled. Also, this may surprise you, but if your estate plan only involves a will, your loved ones would still have to go through the courtsystem, which is usually known as the probate court, to transfer the assets according to the terms in your will. This usually requires the beneficiaries and/or surviving loved ones to file a petition in court, which commences a lawsuit. Going through the court probate process is the manner during which a will become effective. However, this also usually involves court fees and expenses, attorney’s fees, and usually involves significant delays for loved ones and beneficiaries to receive the assets addressed in your wil. The aforementioned could also cause other related complications, as well as additional fees.

Myth Number Two: A lot of people believe that if they become incapacitated or disabled, while they’re married, their spouse can automatically exclusively act for them, and make decisions on their behalf. However, that’s actually not true. Even if you’re married, there is no presumption that your spouse has your best interest at heart. Thus, your spouse may have to go to probate court to request to be granted authorization to make decisions on your behalf. Indeed, this means that should the time come when you need someone to make medical and/or financial decisions for you, your spouse would actually have to go to court, just like anyone else, to obtain permission to make decisions on your behalf. To get this type of permission from the court, a person would likely have to first request to be granted the permission/authorization they’re is seeking, by initiating an action or lawsuit in probate court. This would allow that person to receive an order from the judge, granting them permission to act on behalf of their spouse, should the court agree to grant such authorization.

Therefore, please don’t rely merely on the fact that you’re married, and assume that your spouse would automatically be able to make decisions on your behalf. Similarly, please don’t rely solely on a will, to cover all of your estate planning concerns.

LOOKING FOR MORE INFORMATION ON ESTATE PLANNING, please feel free to take a look at our other FAQ’s, including but not limited to our FAQs on: “What’s a Will,” and “Should I Avoid Probate,” just to name a few, where I go into why a will alone usually isn’t enough.

We help individuals with disabilities apply for Social Security Disability (SSD) or Supplemental Security Income (SSI) benefits. Our attorneys will guide you through the initial filing process as well as any related appeals, if necessary.

Yes, we currently offer mobile and in-person notary services, in the State of New York. This allows people to have documents notarized from the comfort of their homes and offices. Please contact us to schedule a convenient time for you.