Frequently asked questions
Estate planning is a process of creating legal documents that state how your assets are to be managed and distributed after your passing. It ensures that your wishes are honored, minimizes tax liability, and reduces the risk of conflicts among family members.
A will is a foundational part of any estate plan. It gives you the power to decide exactly how your assets should be distributed after your death. Without a will, New York State law will determine who gets what—and that may not reflect your wishes or your values.
Having a will also allows you to name a guardian for your minor children, designate an executor to carry out your instructions, and reduce the risk of confusion or conflict among family members. It can help simplify the probate process and provide clarity during an emotional time for your loved ones.
Even if your estate is modest, a will ensures your intentions are legally recognized and carried out. It’s not just about money—it’s about peace of mind for you and your loved ones.
Anyone who owns property, has financial assets, or has dependents should have an estate plan. It’s especially important for parents, individuals with complex assets, and those caring for dependents with special needs.
Contact my office to schedule a consultation. We’ll discuss your specific needs and begin drafting a plan tailored to your goals and circumstances.
While it’s possible to create your own estate plan, doing so is risky. Some people try to handle it themselves to avoid legal fees, but this approach can backfire. Without the right experience, you might make mistakes that could result in serious consequences, such as court rejections or delays during probate (the legal process of administering a deceased person’s estate).
Not having proper legal guidance can also lead to unintended outcomes where control of your estate falls into the hands of the government or another party against your wishes. To ensure your estate plan is structured correctly and processed efficiently, hire a qualified attorney.
A trust is a legal contract where one party holds assets for the benefit of another party. It can be used hold assets during your lifetime and distribute them as specified after your passing, often bypassing the probate process. By contrast, a will is a legal document that outlines how you want your assets distributed after your death and names guardians for any minor children.
To better understand a trust, consider the three different roles in this relationship.
Trustor or grantor – the individual who gives assets to the trustee
Trustee – the individual or institution that manages the assets for the benefit of the beneficiaries
Beneficiary – the person or people who receive the benefits of the assets
You should review and potentially update your estate plan every few years or after major life events, such as marriage, divorce, the birth of a child, or significant changes in financial status.
Probate court is a specialized court that oversees the legal process of administering a deceased person’s estate. This includes validating the will, settling debts and taxes, and distributing assets to heirs. If a person dies without a will, intestacy laws determine how assets are distributed among surviving family members.
In New York State, almost all property must go through probate unless it is jointly owned, placed in a trust, or has designated beneficiaries, such as life insurance or retirement accounts. The probate process can be time-consuming and costly, often taking months or even years to resolve, depending on the complexity of the estate.
One major concern: Probate is a public process. This means that information about the estate, including assets, beneficiaries, and outstanding debts, become part of the public record. Anyone can access this information, which may lead to privacy concerns, family disputes, or unwanted attention from creditors or scammers.
For those who want to keep their estate matters private and simplify the transfer of assets, strategies such as setting up a trust can help avoid probate. If you’d like to explore these options, I’d be happy to help.
An executor is a person named in someone's will to manage their affairs after they pass away. This involves several key duties:
Filing the will with probate court: Submitting the will to a specialized court that deals with the assets and debts of someone who has died.
Identifying and managing assets: Finding and taking care of the deceased person's belongings, like property, bank accounts, and personal items.
Paying debts and taxes: Informing creditors, paying off any debts, and ensuring all taxes are filed and paid for the estate.
Distributing assets to beneficiaries: Giving out the remaining assets to the people named in the will.
Serving as an executor is a big responsibility and takes time and effort. The process can last from several months to a few years, depending on the estate's complexity. Executors must carefully manage assets, settle debts and taxes, and distribute assets correctly. They also need to keep detailed records of all transactions for the beneficiaries and sometimes the court.
Given these tasks, it's important for you, as an executor, to be organized and careful. The role may also involve handling family relationships and potential disagreements among beneficiaries, adding to the emotional and administrative workload. Before agreeing to be an executor, consider whether you have the time, resources, and ability to perform these duties effectively.
An estate plan may include a will, trusts, powers of attorney, healthcare directives, beneficiary designations, and other documents. Each document serves a specific purpose in protecting your interests and assets. Below are definitions of some of the most important documents.
Will: A legal document where you say who should get your money and belongings after you die. You can also name a guardian for your children.
Trust: A legal arrangement where assets are managed for someone’s benefit. In this arrangement, one party (the trustor or grantor) transfers assets to another party (the trustee), who manages those assets for the benefit of a third party (the beneficiary). Trusts are often used to manage wealth, protect assets, or ensure that property is distributed according to the trustor’s wishes, either during their lifetime or after their death.
Power of attorney (POA): A document where you give someone the legal right to make decisions or take actions for you, such as handling finances, if you can't do it yourself.
Living will: A document that explains the type of medical care you want if you become too sick or unable to speak for yourself.
Healthcare power of attorney (healthcare proxy): A document where you choose someone to make medical decisions for you if you can’t communicate your wishes.
Beneficiary designations: Forms where you name the person or people who should get certain assets, like life insurance or retirement accounts, when you pass away.
Guardianship designation: A document that names who you want to take care of your minor children if you pass away or can’t care for them.