Why is estate planning important?
Estate planning refers to the process of discussing and documenting your medical preferences, and the division of your property among your beneficiaries once you pass away. Even if you believe these decisions are a long way away for you, tragedies can strike, jeopardizing the futures of you and your loved ones. It is important to work with an experienced estate planning attorney to understand your options and to ensure your wishes are documented in a clear and legally-binding manner. Once you have put these important pieces in place, you can rest easily with the peace of mind and knowledge that you and your loved ones are protected.
What estate planning documents should I put in place?
There are many options available when putting together an estate plan. A basic estate plan typically consists of at least four major components: A last will and testament, a trust, a durable power of attorney, and health care advance directives. Depending upon your specific goals and needs we will work with you to create a fully customized estate plan that will help you achieve your goals.
What is estate administration?
When someone dies, his or her estate, including his or her assets, enters into a period called estate administration. During estate administration, all outstanding debts or taxes the deceased individual left behind are paid, and the remaining assets are distributed among the beneficiaries. If there is no will, New York law will determine the next steps for distributing assets. During probate, an individual is appointed to serve as the executor or if there is no will, an estate administrator. Their duty is to oversee the payment of the debts and taxes, as well as the distribution of the estate.
I Have Been Named As The Executor or Administrator. What Does This Mean?
An executor is the person appointed to oversee the probate process when there is a will. If there is no will, the person is an administrator. As the executor, or estate administrator, you are in charge of ensuring that the estate taxes and outstanding debts of the decedent are paid. You also distribute the estate assets according to the will or if no will, the law. It is necessary to have a seasoned estate administration attorney by your side to guide you through the process. If you have been named an executor or administrator and you would like further assistance, we are here to answer your questions.