What Estate Planning Documents do I need?
While every individual case is different, the basic estate plan includes a Last Will and Testament, Durable Power of Attorney, and Living Will/Health Care Proxy. More complex documents like a Trust may become necessary depending on complexity of the estate.
When Should I Update my Estate Plan?
When there is a chance of life situation like a marriage, divorce, birth, death, change of jobs, chance of location.
What is Intestacy?
Intestacy refers to an estate where there is no Last Will and it is determined based on your next-of-kin (distributees) who will share in your estate.
Does a Will Have to be Filed with the Court in New York?
In only about 5% of the cases is a Will filed with the Surrogate’s Court before a person passes away.
When is Having a Power of Attorney Helpful?
When you are unavailable, incapacitated, or other unable to make legal/financial decisions on your own behalf.
How Can I Use my Estate Plan to Support the Nature Conservancy?
Make a specific bequest in your Will or Trust for a charitable bequest to the Nature Conservancy.
How Long Does Probate Take in New York?
It all depends on whether the Will shall be contested or not. In an uncontested proceeding, the process is much quicker.
Can I transfer Real Estate Into a Living Trust?
You can transfer real property into a Trust, whether it is Revocable or Irrevocable. You can also transfer to a family based LLC.
If a Set Up a Living Trust, Can I be my Own Trustee?
You can be your own trustee for A Living Trust that is Revocable, however, not for an Irrevocable Trust. Neither should your spouse be a Trustee for an Irrevocable Trust.
Who should I appoint as Trustee?
Someone who is trustworthy, intelligent, and well-organized.