Experts believe the best bet for protecting your family in life and death is a plan of revocable living trusts, pour-over wills, guardianship and power of attorney for health care, property and mental health care.
New York City Trust And Estate Lawyers are available to assist you in any of your planning decisions. Whether you need help planning a trust or estate, choosing an executor or preparing other probate documents, trust the firm with more than 30 years of experience in New York probate law.
Many believe a revocable living trust is the first step for someone making arrangements for their assets. The living grantor, or person who creates the trust, can terminate or modify it at any time. Only upon death does it become irrevocable and the trustee can administer the trust’s assets. But unlike a last will and testament, a revocable trust doesn’t have to be probated in court. Upon death, its provisions are immediately put into effect.
Also, you should consider a pour-over will, which instructs a probate court to “pour over” property that wasn’t titled in the trust, or didn’t have a named beneficiary, into the trust for distribution. The will should also make provisions for the care of minor or disabled children in the tragic event both parents or guardians die. That will make sure the custody of the children and their financial future is secure.
Power of attorney for property, health care and mental health care issues should also be planned and executed. This allows for a duly appointed agent to take specific actions on your behalf. Who is chosen to be the power of attorney is an important step and shouldn’t be taken lightly.
All of these matters are important to address as soon as possible to make sure your assets are divided among family, friends, non-profit groups and others in the way you want them to be. Choosing an executor and assigning power of attorney are important tasks. Sadly, executors are sometimes accused of a breach of fiduciary duty, which means they have profited through self-dealing or caused losses.
So, choose an experienced New York City estate law attorney who has spent three decades helping families sort through the property that loved ones have left behind. And, should you happen to be appointed as an executor, contact an experienced probate lawyer to help ensure that an estate is dispersed properly, taxes are paid and other complex issues are handled in accordance with the law.
New York Probate Attorney Jules Martin Haas, Esq. has been representing clients in estate proceedings throughout the past 30 years. If you or someone you know is involved with or has questions about a Last Will or other aspects of Probate or Estate Administration, please contact me at (212) 355-2575 for an initial consultation.