Why You Need a Last Will and Testament
People know that they need a will. However, few understand the reasons why. At the law firm of Avelino Nitkewicz LLP, our approach to estate planning goes a step beyond the preparation of simple wills. We offer a planning approach that asks our clients one basic question: Are you ready for life?
We believe it's important not only to have a last will and testament, but to have the right type of will for every stage of life:
- Everyone from the age of 18 on needs a power of attorney and health care proxy.
- For a young parent, the main purpose of a will is to designate a legal guardian for children.
- As you accumulate property and savings, the emphasis shifts to tax and estate planning to preserve your wealth and protect assets.
- Because things change, everyone should look at their will at least every five years.
- At a certain age—preferably while both partners are healthy—our lawyers will guide you through elder law and medicaid planning to ensure that the wealth you built up over a lifetime is not exhausted to pay nursing home expenses.
Beyond wills, our lawyers draft documents to create irrevocable living trusts, irrevocable life insurance trusts, dynasty trusts, irrevocable trusts for children, generation-skipping transfer trusts, grantor-retained annuity trusts, private foundations, charitable remainder trusts, sales to defective grantor trusts, individual retirement account (IRA) trusts, family limited partnerships, limited liability companies, qualified personal residence trusts, advance health care directives, durable powers of attorney, comprehensive assignments of assets, special needs trusts and a number of other estate planning instruments.
Our estate-planning department has three locations: Chatham, NJ, New York City, and Garden City, Long Island, and serves clients in Summit, New Providence, Madison and other communities in New Jersey, New York City and all of its surrounding suburbs, including all of Long Island.
If I die, won't my spouse and children receive my assets anyway? The law of intestate succession will be used to determine asset distribution if you don't have a last will and testament. However, that may not be as you intended, especially after such events as divorce, remarriage or nursing home admission.
Free Lawyer Consultation
For more information about last wills and testaments or to schedule a free initial consultation with an attorney at Avelino Nitkewicz LLP, call 888-334-7310 or fill out the contact form on this Web site.
