Estate Planning FAQs

• What is a trust?

A trust is a fiduciary agreement to allow a third party, known as a trustee, to hold assets on behalf of the beneficiary or beneficiaries. It is used to minimize estate taxes and provides other benefits too.

• What happens if I die without a will?

If you die without a will, called intestate, your state laws of descent and distribution will determine how your assets are distributed. This burden falls on the probate system, which can take years to get through.

• What is a power of attorney?

Power of attorney is a legal document that allows you to appoint someone to manage your property, finances, and medical care if you are unable to. Anyone over the age of 18 can create a power of attorney.

• Who is eligible to become a power of attorney?

In New York State, anyone of the age of 18 and is of sound mental capacity can be your power of attorney. It does not have to be a lawyer and most people do not choose an attorney.

• Can I leave money for charity?

Giving money to charitable causes is an honorable thing. Charities help many people and causes throughout the world. If you have a favorite charity or cause, you can choose to leave money for them as part of your will.

• Why do I need an attorney to create a will?

Technically, you do not need a lawyer to create a will. You are free to do so on your own. However, without legal advice from an attorney, you can make costly mistakes. Mistakes on a will can cause it to become invalid, create complications, and mean more taxes for your estate.

Contact Our Estate Planning Attorney Today!

Estate planning offers plenty of benefits such as limiting estate taxes, ensuring your assets are distributed the way you want them to be, and minimizing family conflict. If you have any additional questions or concerns about estate planning, turn to the reliable attorneys at Katz and Baehre. No matter your needs, trust our estate lawyers to assist you throughout the process. We can help draft up wills, living trusts, powers of attorney, and trusts. If you’re in need of an estate plan, don’t waste another moment. Contact our law firm to schedule a consultation with one of our estate lawyers. We’re proud to provide comprehensive estate planning services to clients across Buffalo, Williamsville, Amherst, Clarence, and all the surrounding communities in Erie County, NY!