A Provision Disposing of your Residuary Estate.
Your residuary estate is all of your property that is not otherwise specifically disposed of in the will. You may acquire more property after the making of the will which is not included in the will and the residuary estate will address such property. Having a will that addresses all property can help avoid having any probate pass under intestacy.
Direction to the Executor as to Taxes
Your will should clearly outline how taxes should be allocated. This is one of the most important but often overlooked clauses in a will. It is very important to understand who bears the estate, inheritance and income taxes. The guidance of an estate planning attorney who understands taxation is vital to providing direction to the executor.
Flexibility to Address Changing Circumstances
Flexibility in your will is essential to ensure the will remains valid over time. Life changing events like the birth of additional children, the death or disability of beneficiaries and fiduciaries, changes in the economy, and to some extent changes in the law can all impact your will. A flexible will remains valid over time and can be administered even following life changing events which could not be predicted at the time the will was drafted.
Getting Legal Help
Experienced estate planning attorney Elga Goodman can help you understand all your options for asset preservation and making the most of your estate assets to plan for the future and provide for your loved ones. Call us today at 973-841-5111 to learn more.