Small Law Firms

Adulting & The Law (Perhaps Better Known As 'Trusts & Estates')

Add 'making a last will and testament' to your adulting checklist ASAP.

By  
on

Ed. note: Please welcome Cori A. Robinson to our pages. She will be writing about her experiences as a solo practitioner in the trusts and estates space.

Your “adulting” checklist likely includes paying off your high-interest credit cards, going for an annual physical, and likely investing in a much-needed a dental cleaning. You should also add making a last will and testament to that list.

No matter the breadth of your assets, your number of children (if any), or the nature of your familial relationships, you need a last will and testament. A will appoints an individual known as an executor to control your assets and pay your debts upon your passing. Further, a will designates beneficiaries to receive your property and it also names the guardians of your children.

If you die “intestate,” or without a will, your state’s probate laws will determine which of your relatives receives your money and real estate.  Obviously, you may disagree with the law’s deference to family over friends. The law’s definition of “family” certainly excludes your “modern family” — and so your longtime partner or childhood best friend will see none of your estate if you die intestate.  Further, without a will, the local probate court will choose a guardian for your minor children. Needless to say, a judge may not have the same opinion as you do with regard to your mother-in-law as guardian.

If a minor inherits monies (i.e., both parents die), those assets need to be held in a trust until they become adults. If you do not provide for a continuing trust under your will, your children may receive their inheritance in the form of a court-supervised bank account. This scenario creates tremendous difficulty for your children and for their guardians who will not have immediate access to funds necessary to raise a family.

Each state has its own set of probate and tax laws, so it is important to consult with local counsel when making a will. Barring a life-changing event, once executed you need not revise your will for several years, if not decades.  Our social media feeds are filled with death notices for the young and old alike. Make a will to ensure that your wishes are followed and that your loved ones have a significantly easier time navigating life without you in the event of your passing.

Sponsored

Cori A. Robinson is a solo practitioner having founded Cori A. Robinson PLLC, a New York and New Jersey law firm, in 2017. For more than a decade Cori has focused her law practice on trusts and estates and elder law including estate and Medicaid planning, probate and administration, estate litigation, and guardianships. She can be reached at cori@robinsonestatelaw.com. 

Sponsored

Topics

, , , ,