A Will is an effective tool commonly used in estate planning. Available in the form of a Last Will and Testament and a Living Will, these two documents are different in nature and are used for different purposes. Many individuals use both documents to complement their overall estate planning goal and ensure greater security in the face of life’s uncertainties.
A will can be used to:
A living will can be used to:
Wills can be created and modified at any point in your life, as long as you are deemed mentally competent. It is always recommended that you update your will regularly to reflect major life changes, such as a new birth, marriage or divorce.
In many cases, you can benefit from having both a trust and a will. For example, if you have assets or properties that you did not have an opportunity to include in a trust before you pass away, having a will can ensure that it is transferred to your intended beneficiaries. Otherwise, it will be left to the closest relative as determined by the law. A comprehensive estate plan typically will include both devices for more holistic protections. You can always speak to an attorney if you are unsure of what you may need and what is beneficial in your situation.
We would be happy to review your current situation and discuss your estate planning options. Our Nassau County wills attorneys are passionate about helping families plan for their futures.
Contact Davidov Law Group at (516) 587-5555 to get started.
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