Warren Wills and Trusts Lawyer
Make your wishes known before it’s too late. At Gudeman & Associates, P.C., we draft the will and trust documents that will protect you and your family from the interference of courts in making important personal decisions.
While thinking about and planning for these decisions is not pleasant, by being prepared, you will ensure your wishes will be carried out, and your loved ones will be spared any additional stress during a difficult time.
Why do I need a will?
Tragedy can strike at any time. If you die without a will, the courts will decide how your property is divided based upon the state laws of intestacy. The courts will also decide who will be given custody of your minor children. There is no way to guarantee that the decision the court makes based upon the law will reflect your wishes. That is why it is so important to have a well-crafted will – it is the only way to ensure that after you’re gone, the courts will uphold your wishes.
Quite simply, if we keep putting off the decision to draft a will, we might run out of time, and these important issues will be decided by a judge. At Gudeman & Associates, P.C., we will make the process as painless as possible, and ensure that the documents are properly drafted, so that in the future, no one can challenge the decisions you make today. To find out more or to schedule an appointment, please contact Gudeman & Associates, P.C. today.
While wills are very important, for the reasons mentioned above, the property addressed in a will still requires the time, expense and red-tape of probate. Furthermore, wills do not offer your heirs any protection from estate taxes. Trusts are a legal tool that can help avoid many of the legal complications that often accompany the death of a loved one. Just a few of the trusts form for clients are: revocable inter-vivos trusts, irrevocable trusts, and specialty trusts.
What is a trust?
A trust is a separate legal entity that we create, into which you can transfer some or all of your property. The trust property is legally owned by a trustee, who can be yourself, who controls the property for the benefit of those designated in the trust document, according to rules set out in the trust document. Because the trust survives the trustee and the settlor (the person who put the property into the trust), there is no need for probate since the actual transfer of property occurred during your life.
What is the difference between a revocable and an irrevocable trust?
A revocable trust can be revoked at any time, while an irrevocable trust cannot be. This
difference can have a major impact on your estate taxes, however, since the property in an irrevocable trust is typically not subject to estate taxes. For more information on the tax implications of the different kinds of trusts, contact Gudeman & Associates, P.C..
Special needs that trusts can address:
Because the trust document governs the trustee’s actions, you can address a number of special requirements with a trust. For example, you can use a trust to set aside funds for your children’s education after you are gone, or you can delay the distribution of your assets to your loved ones to a date in the future. You may also set up a trust to take care of disabled relatives, or your pets after you are gone, or to benefit certain personal charitable goals.
For more information on wills and trusts, or to schedule an appointment with an attorney, please contact Gudeman & Associates, P.C., today.