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Three Crucial Steps in New York City Three Crucial Steps in the Estate Planning Process THREE CRUCIAL STEPS IN NEW YORK ESTATE PLANNING Law Offices of Albert Goodwin Law Offices of Albert Goodwin 45 Broaddway, 27th F loor, New York, NY 10006, Tel. (212) 233-1233 www.nyestateslawyer.com Law Offices of Albert Gurevich 111 Broadway, Suite 1305, New York, NY 10006, Tel. (212) 233-1233 www.nyestateslawyer.com Three Crucial Steps in the Estate Planning Process THREE CRUCIAL STEPS IN NEW YORK ESTATE PLANNING Law Offices of Albert Goodwin Introduction Last Will & Testa ent So we all know that we are going to die eventually. hy then, does it not The most important estate planning tool surprise us that more than 60% of and first step you should take when Americans die without a will& developing your estate plan is to execute a last will and testament, with the help ell, the answer to that is easy: none of of an experienced estate attorney. us like to think about the possibility of our own death. Even more so, we A Last ill 1 Testament is a legally especially don(t want to think about the binding document which directs your possibility of dying unexpectedly or Executor to distribute your property as suddenly. specified by your will. The will must be executed properly and stored in safe However, the reality is that we all die place. )iring an estate attorney to sooner or later and unfortunately some ensure your will is validly executed is people will die much sooner than they crucial to your estate plan. A validly could have ever expected. Failing to executed Last ill 1 Testament is vital to carefully plan what will become of your your estate plan because without it, your estate may result in the people you love property will pass according to the laws losing out on property that you want to of intestacy. pass to them upon your death. ,n 4nder New 6ork ,ntestacy Law, property addition, failing to take the time to plan passes in the following order, depending may result in extra administration and on whether the decedent is survived by: tax costs for your loved ones. 719 Spouse and Children - first $50,000 Taking the time to carefully plan your and > of residue to spouse, remaining to estate will allow you to have control over children; 729 Spouse and No Children what will become of your assets after 7entirely to spouse you die. ,t is important to have a well 7A9 Children and No Spouse - whole to thought out estate plan regardless of the children si.e of your estate in order to make sure 749 One or both parents, No Spouse or you have full control over your assets Children- whole to parent or parents and who they will pass to. ,n addition, 759 Children of Parents, No Spouse, proper planning will allow you to Children, or Parent - whole to children of minimi.e taxes and attorneys fees. For parent these reasons, your estate plan should 769 One or more grandparents or include a durable Power of Attorney, a Children of Grandparents, No Spouse, 0alidly Executed Last ill 1 Testament, Children, Parent or Children of Parents - and 2edical 3irectives. 1C2 to surviving paternal grandparents Law Offices of Albert Goodwin 45 Broadway, 27th F loo, New York, NY 10006, Tel. (212) 233-1233 www.nyestateslawyer.com Three Crucial Steps in the Estate Planning Process 7or their children if grandparent is could prove disastrous in the event that deceased9 and > to surviving maternal you, your spouse or both of you should grandparents 7or their children if die leaving behind minor children. 2any grandparent is deceased99 parents put off writing a will because 779 Great grandchildren of grandparents, they cannot agree on a guardian. Still, No Spouse, Children, Parent, Children of you need to sit down and come to an Parents, Grandparents, Children of agreement. ithout a will, your children Grandparents or Grandchildren of may be forced to live with a relative you Grandparents - 1C2 to the great don(t want them to live with, or a grandchildren of the paternal relative who doesn(t want them. ,f more grandparents and > to the great than one person comes forward to seek grandchildren of the maternal custody of your child, your family may grandparents have to spend tens of thousands of dollars fighting for custody in court. ,f no Having your property pass by intestacy one comes forward, your children may may not reflect how you want your be put into foster care. A simple will can property to be distributed. For one eliminate these problems and ensure thing, the laws of intestacy do not that your children are taken care of by include nonmarital children, partners to someone you trust. whom you are not married, or friends. ,n addition, up until recently, a surviving A validly executed will also gives you the same-sex partner in New 6ork would not choice to nominate an Executor for your have qualified to take under the laws of estate. Choosing someone you trust as intestacy. 4nfortunately, without a executor of your estate is not something validly executed will, many a time, a to take lightly. An executor is Elaughing heirF will inherit your property responsible for maintaining and taking simply because they are a blood care of your estate from the moment you relative. This laughing heir will take, die until your estate is closed. This is a even if you would have preferred a close position that requires careful attention friend inherit your property because that and comes with many responsibilities. is what the law mandates. For these The executor is responsible for paying reasons, it is very important you make taxes, paying off creditors, notifying specific dispositions to those persons companies of your death, maintaining whom you want to leave some legacy property until the estate is closed, to. making court appearances on behalf of the estate, taking an inventory of the 2ore importantly, having a validly estates assets, and finally distributing executed will does more than Gust give the assets. ,f you don(t have a will away the things you own. A will is naming an executor, the court will fundamental to making certain your appoint someone for you, and this is children are properly taken care of when usually the person who first petitions the you die. court. This person may not necessarily be the person you would want to carry The most important asset a person has is on this role. her or her children. Not having a will Law Offices of Albert Goodwin 45 Broadway, 27th F loor, New York, NY 10006, Tel. (212) 233-1233 www.nyestateslawyer.com Three Crucial Steps in the Estate Planning Process Finally, a well planned will may help attorney will save time and money for minimi.e estate taxes. ,t is important to your loved ones. discuss how to best reduce estate taxes with an experienced estate attorney who ,f there is no durable power of attorney is thoroughly informed about gift and and you become incapacitated, the court estate tax. will have to appoint a guardian to represent you. As most any court Durable Power of Attorney proceeding, having a guardian appointed is time consuming and costs money. ,n The second step in developing your addition, the Gudge can choose whoever estate plan is to execute a 3urable he wants as guardian and may not Power of Attorney. necessarily choose the person you would have chosen if you executed a durable A durable power of attorney allows power of attorney. Court appointed someone to make financial decisions for guardians usually have to seek court you when you are not able to do it approval before taking any action and yourself. The way we set those up is that therefore this causes further delays, they usually kick in when your doctor whereas an agent appointed in a durable issues a written opinion that you are no power of attorney would immediately be longer capable of making your own able to act on your behalf. financial decisions. 6ou might opt for a different type of A durable power of attorney creates a power of attorney for your estate plan I legal relationship between you 7the a regular power of attorney that takes principal9 and the person you designate effect right away, or a springing power of to make financial decisions for you in the attorney that takes effect based on a future 7your agent9. The agent is the condition. person you, as principal, appoint to make financial decisions on your behalf, A New 6ork estate attorney will discuss if and when you should become with you which power of attorney is best incapacitated. By signing the power of suited for you and your particular attorney, you agent agrees to act in situation. ,n addition, the estate accordance with your instructions. ,f attorney will carefully tailor the there are no instructions, the agent document to specify when the power of agrees to act in your best interest. Once attorney will become effective. again, the agent will be able to make financial decisions only if you become Advance Directives unable to do so yourself. The third and final step you should take The durable power of attorney is such an when planning your estate is to execute important estate planning tool for any medical directives. person because it allows you to choose a person you trust to act on your behalf. These documents allow you to ,n addition, having a durable power of communicate your decisions regarding end of life care.
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