When it comes to wills and estates, it’s important that people use proper planning tools, including wills and trusts. But what makes them so important? Here, Daniel R. McComb Attorney at Law in Batavia, NY, explains the various ways in which these tools help you have peace of mind and reduce the burdens on your surviving loved ones.      

3 Reasons to Plan Your Trusts, Wills & Estates 

Avoid Intestate Succession Laws

When people pass away without wills, it’s called dying intestate. New York’s intestate succession laws determine who receives your property if you do not have a will. By creating this document, you can choose your beneficiaries and distribute your assets according to your wishes, as opposed to state law. Creating a trust enables you to pass your property to beneficiaries without probate, saving time and money. 

Provide for Minor Children

A will allows you to name a guardian and an alternate for your minor children and those with special needs. Creating trusts, such as testamentary and special needs documents lets you provide funds for your loved ones’ care and education. You can name a trustee to manage the funds and a date for the trust to end. You can also place assets in and be the trustee of a revocable living trust until you pass away, which can provide tax benefits.   

Care for Pets

Under New York law, you can create a pet trust to care for your dogs, cats, parrots, or horses. The trust ends when your animals pass away. This gives you peace of mind that should anything happen, your animals will be cared for under a guardian of your choosing.  

At Daniel R. McComb Attorney at Law, clients benefit from more than 35 years of experience in wills and estates matters. You can count on McComb’s legal wisdom, professionalism, and sensitivity to help you achieve your estate planning goals. Visit his website for more about his practice, or call (585) 343-2250 to schedule your consultation appointment.