Regardless of how much you own or how old you are, everyone can benefit from an estate plan. A comprehensive estate plan can minimize the time, expense, and hassle associated with winding up your affairs after death. Our estate lawyer team has the skills and expertise to assist you in developing an estate plan that is tailored to your individual situation and goals.
The cornerstone of every estate plan is a last will and testament. The document allows you to name beneficiaries, appoint guardians for any minor children, and express your wishes regarding your funeral and burial. A will can also help you avoid probate, which can be costly and time-consuming for your loved ones.
If you die without a will, the state will determine how to distribute your property based on its laws of intestacy. This can mean that your family may not receive what you would have wanted them to, and it can result in your estate being exposed to unnecessary taxes.
Our NY estate lawyer team can help you draft a will that meets your specific needs and ensures that the language in the document is accurate. We can also advise you on whether other tools, such as trusts, should be part of your plan.
Trusts are a flexible tool that can be used in many different ways, depending on your unique circumstances. For example, a living trust can be used to avoid probate for your loved ones while protecting assets that you wish to pass on. Another type of trust is a testamentary trust, which is created by a will and is funded after your death. Trusts are an excellent way to reduce the amount of your estate that passes through probate, but you should always consult with a trusted lawyer before establishing any trusts. Consult an experienced estate lawyer for legal advice.
A power of attorney is a powerful tool that allows you to appoint someone to act on your behalf in the event of your incapacity. This person can handle your finances, sign legal documents, and even access your bank accounts. When creating a power of attorney, you should discuss your wishes with an experienced estate lawyer who can advise you on what types of authority to give and how to limit your powers in order to protect yourself.
An effective estate plan can provide peace of mind for your loved ones after your death and avoid any unnecessary taxes and fees that may arise from an inefficiently drafted or executed estate. To get started, contact us today to schedule a consultation with our trusted estate lawyer team.
The death of a loved one is a sad event, but it can also be an emotional and contentious time for families. Disputes among family members may result when a loved one does not leave behind a will and the estate must be settled in court. A New York estate lawyer can help to minimize the chances of disagreements and disputes and can assist with the settling of an estate.
If a loved one dies without a will, the state’s intestacy laws will determine who inherits their property. In this case, the decedent’s relatives would include their spouse, children, grandchildren, great-grandchildren, parents, siblings, nieces, nephews, and grandnieces. Depending on the decedent’s relationship with each of these individuals, this could mean that a large portion of the estate goes to family members that are not close to him or her.
A Will and Testament can clearly spell out the deceased’s final wishes for how his or her assets will be distributed to friends and family. However, a Will can be challenged for various reasons including undue influence from a loved one or lack of proof that the will was signed and executed properly. A New York estate lawyer can review your Will and ensure that it is properly drafted.
Another common type of inheritance dispute involves the distribution of assets. This can be a difficult issue to settle because beneficiaries may disagree about who should receive a specific asset or amount of money. For example, in the case of In re Goldsmith, 689 N.Y.S.2d 158 (N.Y. App. Div. 1997), the court considered an inheritance dispute between a decedent’s children and his second wife. The court ultimately upheld the decedent’s intestacy law distribution scheme and ordered that each beneficiary received a specific percentage of the estate.
Inheritance disputes can be complex matters, and the right estate lawyer can help to resolve them efficiently. An experienced New York estate lawyer will approach this type of litigation with sensitivity and discretion and will help to protect your rights as an heir. Our firm can also represent beneficiaries in lawsuits against trustees, including claims to compel distributions and claims for breach of fiduciary duty. We can also defend fiduciaries against contested accounting claims, such as when a beneficiary alleges that the trustee has mismanaged or misused trust assets. Contact us today to discuss your legal needs with an experienced New York estate lawyer.
When a loved one passes away, their affairs must be resolved. This includes gathering their assets, paying any debts and sharing what remains with beneficiaries. In order to do so, the estate must be brought through what is known as the probate process. An experienced New York estate lawyer can help with this.
Probate is the legal process of settling a deceased person’s affairs and distributing their property according to their wishes. The first step is determining whether or not the deceased person left a will. If they did, the executor named in their will is responsible for handling the estate and completing the probate process. If they do not, the court will appoint an administrator to handle the estate.
Once the executor or administrator has been appointed, they must notify beneficiaries and take an inventory of all of the estate’s assets. This must include both real and personal property. The executor or administrator must also learn about any outstanding taxes or debts the deceased owed and pay those debts using estate assets. Once all of this is done, the remaining assets can be distributed to the beneficiaries.
In some cases, estate litigation may become necessary. This can be caused by a person contesting the validity of the deceased’s will or by creditors seeking to recover money owed to them by the estate. In either case, estate litigation can tie up the deceased’s assets for months or even years, which is never good for anyone involved. A knowledgeable New York estate lawyer can work to minimize the amount of time and cost spent on estate litigation.
If a deceased person’s estate requires the administration of a trust, a New York estate lawyer can help with that as well. A trust is an arrangement wherein the assets of a person are placed into the name of another entity and that entity assumes responsibility for managing those assets. An estate lawyer can help with the establishment of a trust, as well as its administration and distribution.
An estate lawyer plays a crucial role in guiding individuals through the probate process. With their expertise in New York probate laws, these attorneys can ensure that the deceased person's assets are distributed in accordance with their wishes. Whether it's handling estate litigation, contesting the validity of a will, or managing the administration of a trust, a skilled New York estate lawyer can provide valuable assistance during these challenging times.
New York Legacy Lawyers by Yana Feldman & Associates PLLC
132 32nd St, Brooklyn, NY 11232, United States
(718) 713-8080