Financial Square has expanded and added a new division to include Wills and Trusts.
Our office Paralegal focuses on assisting our clients by obtaining and updating their estate plan through our attorney approved documents.
Estate planning involves planning for how an individual's assets will be preserved, managed, and distributed after death. It also takes into account the management of an individual's properties and financial obligations in the event that they become incapacitated. Assets that could make up an individual's estate include houses, cars, stocks, life insurance, pensions, and debt.
Facts about Wills & Trusts:
In a will, you state who you want to inherit your property and name a guardian to care for your young children should something happen to you and the other parent.
If you leave anything more than a small amount of property through a will, probate court proceedings will most likely be necessary after your death. Probate can take 6 months to a year and could cost up to 5% of your estate in court and lawyer fees.
If you hold your property in a living trust, your survivors will not have to go through probate court. At the time of your death, your trustee transfers ownership of your properties to your beneficiaries, which most of the time only takes a few weeks, with no court or lawyer fees to be paid.
A trust is an arrangement in which a person (trustee) holds legal title to property for another person (beneficiary). A living trust is simply a trust you create while you are alive, rather than one created at the time of your death.
We feel these legal documents are crucial for any family to avoid lengthy proceedings in the future.