New York City Wills & Trusts Attorney

Serving Clients in New York City and the Surrounding Areas

Understanding Trusts and Wills

What Is a Trust and How Does It Work?

A trust is a legal arrangement where one party, known as the trustee, holds assets on behalf of another party, called the beneficiary. Trusts can help manage and protect assets during your lifetime and ensure they are distributed according to your wishes after passing away.

What Is the Difference Between a Will and a Trust?

While both are essential tools in estate planning, they serve different purposes:

Will: A legal document that outlines how your assets will be distributed after your death.
Trust: An arrangement that can manage your assets during your lifetime and after death, often allowing for more control and privacy.

Why You Need Both a Will and a Trust

Having both ensures comprehensive coverage of your estate. A will can address any assets not included in the trust and appoint guardians for minor children, while a trust can provide detailed instructions on asset management and distribution.

Why Hire an Attorney for Estate Planning?

What Does an Estate Planning Attorney Do?

An estate planning attorney can:

Draft legal documents: Wills, trusts, powers of attorney, and healthcare directives.
Provide legal advice: Navigate complex laws and regulations specific to New York.
Protect your interests: Ensure your estate plan reflects your wishes accurately.

How Can a Probate Lawyer Assist with Wills and Trusts?

A probate lawyer helps executors and beneficiaries with:

Validating the will: Ensuring it’s legally binding.
Managing the probate process: Handling court filings and administrative tasks.
Resolving disputes: Addressing any challenges to the will or trust.

Benefits of Working with a New York City Trust Attorney

Expert knowledge: Familiarity with state laws and procedures.
Customized solutions: Tailored strategies to fit your unique situation.
Efficient process: Streamlined handling of complex legal matters.

Drafting Wills and Trusts in New York

What Is the Process for Drafting a Will?

Inventory your assets: List all property, accounts, and valuable items.
Choose your beneficiaries: Decide who will inherit your assets.
Appoint an executor: Select someone trustworthy to carry out your will.
Designate guardians: If you have minor children, appoint guardians for their care.
Finalize the document: Sign and have it witnessed according to New York law.

Types of Trusts Available

Revocable vs. Irrevocable Trusts

A lifetime trust in New York is irrevocable unless explicitly stated as revocable in the trust document.

Living Trusts

Living trusts operate during your lifetime and can continue after death, allowing for seamless asset management and distribution.

Charitable Trusts

These trusts support religious, charitable, educational, or benevolent purposes. They remain valid even when beneficiaries are not specifically named.

Pet Trusts

New York recognizes trusts for domestic animals, which remain valid for the animal’s lifetime or 21 years, whichever comes first.

How to Create a Living Trust in New York?

Select the type of trust: Decide between a revocable or irrevocable trust.
Name a trustee: This could be yourself or a trusted individual.
Draft the trust agreement: Outline terms and conditions.
Transfer assets into the trust: Change titles and deeds as necessary.
Manage and update: Regularly review the trust to ensure it meets your needs.

Common Mistakes in Drafting Wills and Trusts

Not keeping documents updated: Failing to revise after life changes like marriage or birth.
Ignoring state laws: Overlooking specific legal requirements in New York.
Vague language: Using unclear terms that can lead to disputes.

The Importance of an Estate Plan

What Should Be Included in Your Estate Plan?

Last Will and Testament
Trust Agreements
Durable Power of Attorney
Healthcare Proxy
Beneficiary Designations on Accounts

How to Choose Beneficiaries Wisely

Assess family dynamics: Consider relationships and individual needs.
Include contingencies: Plan for beneficiaries who may predecease you.
Communicate your choices: Reduce potential conflicts by discussing your decisions.

Understanding the Role of an Executor

An executor is responsible for:

Administering the estate: Managing assets and paying debts.
Distributing assets: Following the instructions in the will.
Filing necessary documents: Handling tax returns and court filings.

Navigating the Probate Process in New York

What Is the Probate Process?

Probate is the legal procedure to validate a will and settle an estate. It involves:

Submitting the will to court: Filing with the Surrogate’s Court.
Appointing an executor: Officially granting authority to manage the estate.
Settling debts and taxes: Paying any obligations owed by the estate.
Distributing remaining assets: According to the will’s instructions.

How Long Does the Probate Process Take in New York City?

The timeline can vary due to:

Estate size and complexity
Number of beneficiaries
Potential disputes or challenges

Typically, it can range from several months to over a year.

What Are the Costs Involved in Probate?

Court filing fees
Legal fees
Executor commissions
Miscellaneous expenses: Appraisals, postage, and other administrative costs