Law Office of Daniel B. Capobianco

Your property will be divided according to your Will. If you die without a Will, you have died "intestate," and your property will be inherited according to the intestacy laws of the state where you reside. As a result, you will have no influence over how your assets are distributed. You should not be shocked if your assets wind up in the hands of distant or otherwise unrelated heirs if you allow this to happen. If you have minor children, a probate judge will decide who will be their guardian or who will manage your assets. A Will might be circumvented by proper planning, but it should always be included in every estate plan. Trusts are a valuable addition to any estate plan, even if estate taxes are not a concern. Trusts can be created either at the time of death (Testamentary Trust) or during your lifetime (Living Trust). This allows you to decide how and when your assets are passed on to the next generation. There are numerous other advantages to living trusts. They are a flexible choice that can be revoked at any time and need not be registered as a separate taxable entity. As a result, you may retain complete control of your assets during your life without having to file separate taxes.