Unborn baby survives mother hit by van

What happens if you do not have a Will and you have a new baby? Well that's what a family in New York City is about to find out. What a tragedy - a pregnant woman struck by a van/bus and she died but the doctors were able to save her unborn child. Well, with out a Will, her husband will have to file an Administration proceeding. If the father's child was not around or deceased also, then it would be up to Surrogate's Court to decide who takes care of that child and the child's money. Don't leave that up to strangers. Have a Will. In a Will you can declare the guardian of your child, the trustee of the money in your Estate that is going to take care of your child. Why not have a Will. Its also less expensive.

Don't leave your child's welfare up to strangers like Anna Nicole's daughter.

Everyone needs a Will. Everyone who has a child needs a Will. In your Will you can designate who will care for your child, who will be the trustee of your Estate for the benefit of your child, just to name a few things. If you don't have a Will and both parents pass away, then your relatives may seek custody, and that may not be what you want. Then the Court must decide who will raise your child.

A Will is a simple document which is a very valuable document. We all buy insurance -whether it be car or life insurance. Why not have a Will. You can't have any better insurance for your family if and when something happens to you.

Why should you have a Will? Most people know that a will lets them determine who will receive their property when they die. Despite this significant benefit, relatively few people have wills.

If you die without a will, your property will be distribued according to state law. It may not be distributed the way your want, since it is distrubitued without considerig the needs or circumstances of recipients.

A will can do more than just determine how property is distributed upon death. It can name an executor. The executor will oversee your estate's financial affairs during "probate, including making sure your debts are paid and that your property is distributed as stated in your will. Without a will, a judge chooses your executor and generally appoints the Public Administrator. The public administrator is an attorney or law firm appointed by the Court to handle the estate's affairs from the beginning to the end.

A Will can also set up a trust, which can help save on taxes. Thus, for people with substantial assets, a Will can be a cost saving tool.

For married couples with young children, Wills are essential unless you want the Court and strangers making decisions for your children and handling your affairs. Each spouse can choose a guardian for the children if both parents die to raise their children and manage the money as a trustee.

Equitable distribution of estates and the property

Be careful with groups that offer to clean up and sell and distribute the personal property of the Estate. Your loved one's Will will tell the Executor who gets what and how the property gets distributed. You can hire a company to come in and buy the property and distribute it according to the Will or New York State Intestate Law but a company or group can't distribute the property equitable or how they see fit. Be careful what you do as an executor. Cheap is not always the best way. You get what you pay for.

As an executor or administrator, you must fulfill your fiduciary duties. Please call before you hire such a company.

WHY YOU SHOULD HAVE A WILL AND RELATED DOCUMENTS

Wills allow people to designate where their property goes after they are gone, yet very few people have Wills. Why is that?

If you die without a Will, your property will be distributed according the intestate laws of the State that you live in. It may not be what you want. Your family's needs are not considered. Your estate may go the the State or local government if your family member is on government aid of some kind. Do you want that?

A will can name an Executor - someone you trust who can administer your estate they way you want and oversee the financial affairs. Without an executor, the Court will arbitrarily chose your executor.

A will can set up a trust for those under the majority age. It can save your estate taxes.

For couples with children - a Will is a must. You can chose the guardian of your children and how will raise them and manage their finances. Without a Will, the Court will chose a stranger or someone you don't want.

You should also update your Will and other documents every three years and whenever your situation or family changes. More on that issue next posting.

Trusts - do I really need one? what can it do for me?

Trusts - most people will ask for a trust and not really know what it can and cannot do for them. A trust can protect assets from creditors, among other things. A trust can also make the look back period an automatic 5 years. A trust must still be filed with Surrogate's Court and can be more expensive to administer then a Will.

You do not always avoid Surrogate's Court by having a trust. In fact, we recently had a family whereby the parents each set up a testamentary trust. It cost the family more money to administer the testamentary trusts then if they simply had a Will and did some estate planning.

Be careful of those who recommend Trusts. Make sure you learn all the facts from different sources and not just the person who wants to draft the trust for you.

Free consultations. 24 hours / 7 days a week. For more information call us at 631-425-7299 or visit us on our website at www.longislandestateattorney.com

What happens before the testator dies is mostly irrelevant

When your relatives ask you about what your loved one who died did with all that money she spent while she was alive, you can answer, "it does not matter, that was before her death while she was alive."

Generally, unless there is fraud alleged, the Court is not interested in what transpired during the decedent's lifetime. The Court is only concerned about the assets from the date of death until final distribution of the Estate is made.

Free Consultations. Call us LAW OFFICE OF BONNIE LAWSTON 631-425-7299 or visit us at our website: www.longislandestateattorney.com