What is estate planning? 
Estate planning is managing the accumulation and disposition of an estate. Most often, the intent of estate planning is to minimize taxes and maximize the transfer of wealth to the intended beneficiary. Wills, trusts, powers of appointment, powers of attorney, health care proxies, and living wills can all be used in planning your estate. Frequently Asked Questions
At the A. Lunard Odom Law Firm, P.C., we are particularly dedicated to helping our clients in Brooklyn and Queens with estate planning and administration. The following are some of the most common questions we hear in our practice. For more information about these or related legal issues, please contact our firm.
- What is estate planning?
- Do I need a will?
- What happens if someone dies without a will?
- Do I need a lawyer to draft a will?
- What is a trust?
Experienced and caring legal assistance
Contact us online or call (718) 261-4939 for experienced legal assistance with estate planning needs in Brooklyn, Queens, and surrounding areas.
What is estate planning?
Estate planning is managing the accumulation and disposition of an estate. Most often, the intent of estate planning is to minimize taxes and maximize the transfer of wealth to the intended beneficiary. Wills, trusts, powers of appointment, powers of attorney, health care proxies, and living wills can all be used in planning your estate.
Do I need a will?
Without a will, New York state law dictates the distribution of property. A will protects your property from arbitrary distribution and can be especially helpful if you want to distribute your property to people other than your relatives.
What happens if I die without a will?
New York state has its own statutory law governing the distribution of your property if you die without a will. Your spouse and children have the first claim to your property. If you do not have a spouse or children, your parents take the property, followed by your siblings, grandparents, and children of your grandparents. If no close relation can be found, your property eventually belongs to the state. Also note that as part of the administration process, your creditors can lay claim to your property after certain allowances for your spouse and children.
Do I need a lawyer to draft my will?
You are not required to have a lawyer draft your will. However, personally-drafted wills do not always effectuate a personâ??s true desires and are sometimes deemed invalid under New York state law. As a firm very familiar with New York laws applying to these matters, we can help you to draft a valid will.
What is a trust?
In creating a trust, you (the grantor) transfer legal ownership of property to a trustee. Trust assets are invested and or managed for the benefit of one or more beneficiaries. A trust can be living—established during your lifetime or testamentary— established in your will. Your trustee can be either an individual or an institution, such as a bank.
