Navigating Life’s Legal Transitions
Whether you are preparing for changes to your family, business operations or estate plan, Schwartzberg Law strives for a smart and cost-effective resolution.
Do You Need A Will?
The answer is yes, everybody should have a will in place. Even if you only have a few assets, a last will and testament is critical in making sure all of your assets are handed to the right people, without burdening your family. Without a will, the state will distribute your assets using their own laws and guidelines, which rarely meets everyone’s individual needs.
At Schwartzberg Law, we make estate planning easy for clients in Plymouth and across northern New Hampshire. We take a mindful approach to drafting your will, walking you through all of your assets and evaluating the options that would be a best fit for those assets and your family. With a will in place, you can rest easy. Your family will also not have to worry about the details of dividing your estate once you pass, removing a burden off their shoulders during a very difficult time.
When Should You Consider A Revocable Trust
A revocable trust, also known as a living trust, is a very important component of many estate plans. By adding assets to a revocable trust, you are able to fully control those assets while you are alive, while also designating who to pass those assets to once you pass away. There are many benefits to having a revocable trust, such as:
- Your family can avoid probate. Wills need to go through the probate process once you pass away. The probate process helps settle all aspects of the will, but it can also be a burden for your family under some circumstances. Assets within a revocable trust, however, forego the probate process. Instead, you appoint a trustee who manages the trust and distributes the assets to your named beneficiaries after you pass.
- You can control your assets while you are alive. With some trusts, your assets are locked away until you pass away. Revocable trusts allow you a great deal of flexibility, almost like passing your assets to a living person to hold onto while you are alive. This gives you full control over your assets until the day you pass away.
- You can establish provisions for when you are incapacitated. If you are seriously injured or otherwise lose your mental capacity, an appointed successor trustee is able to manage your revocable trust on your behalf, allowing them access to your assets to pay any bills or expenses that may arise while you are getting care.
We’ll Help You Find The Right Solutions
While there are many benefits to a revocable trust, it’s best to evaluate your unique situation with a knowledgeable estate planning attorney. We are happy to walk you through all of your options and help you find peace of mind. Call our Plymouth office at 603-346-4557, or reach out online to set up a consultation.