Why TRUSTS are better than Wills after Covid-19 Eatate planning?

Covid 19 pandemic prompted Americans to finalize their Estate planning and create Trusts instead of Wills to avoid probate overflown with enormous amounts of cases.

The Covid-19 pandemic has established a common sense of uncertainty and fear amongst all members of society. During such times, people are trying to do everything in their abilities to take precautions for the future and what is to come. In doing so, people are choosing to create trusts rather than wills as a way to most effectively finalize their estate planning. There is no better feeling than knowing you are prepared for anything that is to come, thus many are now taking the action to engage in establishing a set plan for their future. Now is certainly the best time to finalize your estate planning or at least take actions in furthering your estate planning procedure, which can be done through the proper aid and support of an extremely experienced Elder Care attorney.

Creation of a Trust in Avoiding NY Probate Process during Covid-19

The common concerns of who will be the caregiver responsible for your children can easily be settled by creating a will that outlines the exact steps of what you would like to be done in the case that you pass. Given the current circumstances with the pandemic, passing away without a will would be considered dying intestate, meaning that the intestacy laws in New York will decide the manner in which the decedent’s property will be distributed. If this were to happen then the estate would pass through the NY probate process if it is of a value that is greater than $30,000. This would take an extremely long time during this unprecedented period of time and could potentially mean that the best wishes of the decedent will not be followed, as the court will be placed in charge of deciding how the assets will be distributed. With this information in mind many people have decided to take their Estate Planning into their own hands by creating their own will. However, once these individuals have realised the great difficulties in drafting one’s own will due to state guidelines and legal requirements, people have turned to creating trusts instead of wills. A will is certainly important to have in respect to all people regardless if you have children or if you have assets that need to be properly allocated. In order for the will to be passed and granted by the state it should include the legal terms and substance of content accepted within NY state in order to ensure that all of your wishes are properly conveyed and enacted upon your passing.

Given the presence of the current pandemic, most attorneys are taking will creation to a new platform, which is remote and allows for direct and simple contact between the attorney and client when setting up the will document. Zoom or other digital platforms are being utilized to ensure social distancing while also producing an effective will that conveys the wishes of the client. One of the most important aspects of the will is the notarization process which should be done by an experienced estate planning attorney. This minimizes potential problems with a contested will and decreases the chances of the will being thrown out in probate court due to improper execution procedures on behalf of the one who drafted the will. With the wonders of current technology, the signing procedure can take place over video conference and be conducted in a manner that maintains the social distancing guidelines to prevent the spread of the pandemic.

However, despite the simplicity and ease of filing a will remotely, many individuals choose to create a trust instead. This decision is made on behalf of the fact that most people do not wish to spend a long period of time filing the probate proceedings associated with creating a will.  Upon filing a will with the court, a probate examiner will be assigned and a court hearing will be scheduled in at least 6 weeks if there are no issues. However, this lengthy waiting period can be delayed even further due to safety precautions established due to Covid-19. At the initial hearing, a judge will decide if an Order for Probate should be granted based on the information present. If any piece of information is missing, or if the judge requests more information, then the case will be reviewed at a later date. The notoriously long process of filing a will can be avoided in its entirety by filing for a trust with the help of an experienced Estate Attorney. Such an attorney can ensure that all of your wishes are fulfilled, which is important in regards to the uncertain times brought upon by the pandemic.

As of yet, there is no exact cure or a definite time for when the pandemic will be over. It is imperative to keep all of your options open and always plan ahead for the future. An efficient and experienced NY Estate Attorney is prepared to assist you in regards to creating a trust and completing everything you need to carry out your wishes. This will ensure that your plans are carried out in the manner you wish as opposed to the state deciding for you. In the wake of a pandemic, it is crucial to have the peace of mind that all arrangements have been suitably accounted for in the case of an unprecedented circumstance. For more information regarding trusts, wills, and the probate process contact the Law Office of Inna Fershteyn at 718-333-2394 in order to receive the best guidance when preparing for the future during these challenging times.