Wills and Trusts

It's a misconception that estate planning is only for the wealthy or elderly. A personalized estate plan benefits everyone — new parents, business owners or recent college graduates. At our firm Berman & Asbel, LLP we strongly recommend a future plan to protect against the unexpected.

Tailoring Your Estate Plan to Your Unique Needs

Choose an attorney who will work closely with you to truly understand your circumstances, goals and expectations. By creating an estate plan that is specifically tailored to your particular needs and desires, you can feel confident that you have prepared well for the future. Possible topics of discussion might be: the transfer of assets to beneficiaries, whether you want to leave money for a charitable organization, whether you can benefit from estate tax planning and more.

Types of Wills and Other Estate Planning Tools

There are a variety of wills and trusts available to plan your estate, including:

  • Simple wills
  • Pour-over wills
  • Living wills
  • Durable powers of attorney
  • Living trusts
  • Testamentary trusts
  • Irrevocable and revocable trusts and wills
  • Guardianships

These various types of wills and trusts can be used in specific ways to maximize the proceeds of your estate and to better benefit your estate's beneficiaries.

For example, if you have minor children, it is crucial to designate their guardian. If you do not, the state will. You can also choose the guardian for your children to be immediately effective for 60 days while the guardian petitions to obtain a permanent court order by signing a Designation of Standby Guardian document.

You can ensure that any money you leave to a child will be used appropriately by establishing a trust. The trust can set aside money for education, housing and other items at your discretion. Trusts can be created as part of your will before your death or in a separate living trust — depending on which works best for your situation. Either way, you must put such arrangements in place while you are living. It will ensure your children are taken care of after you are gone, and it can also prevent excessive taxation on what you leave to your children.

Contact Us Now for an Initial Estate Planning Consultation

We invite you to learn more about the Berman & Asbel, LLP estate planning services during an initial consultation. Please schedule yours by calling: 484-842-0276 or contact our firm online.