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

Decedent died in NEW York but you, the executor live outside of New York, can you still fulfill your duties?

Estate Administration- We assist relatives that have loved ones that died in New York but they live outside of New York or too far away to process the Estate. As the attorney we will collect the assets, manage the assets and process the expenses. We can send you, as the nominated executor or executrix all the papers that you need to sign and you do not have to come to Court or to New York, unless you want to. All the expenses are paid by the Estate.

We can also assist you if your loved one died with a trust. Whether you live in New York or not. The proceedings are always brought where the decedent died - NY.

Discounts can be applied. If you cannot afford an attorney, under certain circumstances, we will assist you and no money is due until the end of the Estate or trust administration which can be paid from the estate or decedent's assets.

I often receive calls from clients worried about being an executor but living in another state. It should not be a concern. Even if you lived in New York, the attorney does most of the work and guides you through the process.

Call for a free consultation. 631-425-7299 Home consultations are available.

WRITING ON THE WILL

DID YOUR RELATIVE HAVE A WILL EXECUTED AND THEN SOMETIME THEREAFTER WRITE ON IT - AS IF SHE OR HE WANTED TO CHANGE SOME THINGS BUT DID NOT HAVE TIME TO CALL THE ATTORNEY OR EXECUTE ANOTHER WILL? If yes, the Will can still be admitted to probate but some investigation must be done. If the changes were made and they were made not at the time of execution or in the presence of the witnesses, then the changes or writings are ignored and the original print of thw Will controls. One would get affidavits from the witnesses and attorney surrounding that issue. It happens often.

ESTATE PLANNING - STEP ONE

STEP ONE - ESTATE PLANNING

IDENTIFY YOUR GOALS - your estate can accomplish a multitude of goals such as

-reducing estate taxes
-providing income for your loved ones after your death
-protect your nest egg for children and grandchildren
-protect your nest egg from creditors
-provide an income during your lifetime and continued management should you become
incapacitated
-provide income and management of your assets for children who are disabled and are unable to
care for themselves and need assistance or those who rely on government aid and financial help
-put assets into a trust that is created to execute your wishes and needs
-ensure your wishes are carried out, especially if you are married for second time and have children from your first and/or second marriage

ESTATE PLANNING - STEP ONE

Identify your goals. Your estate can accomplish a mutlitude of goals such as:
-providing comfort and security during your life
-continued managment should you become ill and unable to do it
-reduce estate taxes
-provide income for your loved ones upon your death
-help secure and protect your nest egg for your children and grandchildren.
- provide assistance and income for those with special needs. If you have children with disabilitied who cannot manage money, rely on government aid, we can help with that
-you may want to put your assets into a trust with special provisions for your loved ones in need but also protecting the assets from third parties and creditors
-second marriages. Those with children from a first marriage may need special protection to ensure that your wishes are carried out.



MAKE A LIST OF YOUR ASSETS - STEP 3
Make copies of your records and a list of your assets and put that list with your Last Will and Testament. A place where you know that your loved ones will look. It makes their life easier at a time that is difficult enough and it also ensures that they will collect all the assets and not miss an insurance policy or stock etc. You can give that list to your attorney in a sealed envelope also to put with your Will. We have special forms to complete the list.