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. Wills and Trusts
Making a will
To make a valid will in New York, you must be at least 18 years old and of “sound mind and memory.” You must have at least two adult witnesses who understand it is a will and are not beneficiaries of the will. You can file the original at the Surrogate’s court or leave it in your own fire-proof safe. It makes sense to consult a New York lawyer who does a lot of estate planning—as we do—to draft your will, so that you do not make costly mistakes or accidentally fail to accomplish what you intend.
Alternatives to a will
Wills eventually become public after your death. If you do not want your Brooklyn or Queens estate plan or will to be available as public record, you may want to use a more private way to transfer your assets. We can advise you on a variety of alternatives, including—
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Setting up a trust
Trusts are legal arrangements that transfer ownership of property to a third party, called a “trustee.” The trustee is responsible for administering the trust:
- Controlling the finances
- Deciding whether to sell or keep property
- Managing assets such as real estate
- Investing wisely in the interests of the beneficiary
Trusts can be particularly useful if you have young children or a disabled dependent who receives government benefits. In the event of the untimely death of their parents, young children are in no position to take care of themselves or of their parents' estate. This is the most common situation where it makes sense to have set up a trust.
A special kind of trust called a supplemental needs trust can be the best way to provide benefits and protect assets for a physically or mentally disabled who will inherit. A supplemental needs trust is designed to still allow that person to qualify for and receive governmental health care benefits under Medicaid.
There are a number of requirements that must be met for a trust to be valid. In addition, there are a lot of complexities in the New York laws governing trusts. For those reasons, we advise that you consult with our Queens estate planning attorneys to make sure your trust is set up to provide optimum benefit to your heirs.
Experienced and caring legal assistance
Contact us online or call us at (866) 570-9638 for experienced and caring legal assistance with planning wills and trusts in New York.
