Letter to Client: Drafts of Wills with Separate Share Trusts for Children for Individual with Spouse or Partner (New York)

The legal template titled "Letter to Client: Drafts of Wills with Separate Share Trusts for Children for Individual with Spouse or Partner (New York) under USA law" serves as a communication tool between a lawyer and their client. This template focuses specifically on wills and trust arrangements for individuals residing in New York, under United States law.

The letter typically begins by addressing the client directly and summarizing the purpose of the communication. It explains that the lawyer has prepared several drafts of wills that include separate share trusts for their children, taking into consideration the client's marital or partnership status. This type of arrangement is often recommended to ensure the proper distribution and management of assets and wealth after the individual's demise, specifically when they have a spouse or domestic partner and children.

The template provides further information about the nature and benefits of the separate share trusts. It may detail how this trust agreement allows for the division of the testator's estate into separate shares, with each share being allocated to a separate trust established for the benefit of each child. This arrangement ensures that each child's inheritance is managed and protected in a way that is appropriate for their individual needs, even in the event of remarriage or changes in the family structure.

The letter may also include guidance on factors to consider when selecting trustees, specifying terms and conditions of the trust, and addressing any potential tax implications. Furthermore, it may inform the client about the importance of regularly reviewing and updating their wills, especially in the case of major life events, changes in assets, or alterations in family dynamics.

Ultimately, this template serves as a starting point for a lawyer to advise their client on the preparation of wills and the implementation of separate share trusts, outlining the key factors, considerations, and legal requirements specific to New York state laws and regulations.