New York Wills are the most important estate planning tool for most New York residents. A will is simply a legal document that directs how your property is to be distributed after your death.
Many people die intestate, or without making a will. This is usually a bad idea, though, as the State of New York will decide how your money is distributed instead of you. Intestacy can be avoided by drafting and executing a will. In New York, a will should be written and signed in front of an attorney. Two witnesses should be present as well to verify the signature. This will prevent people from challenging the validity of a will after your death.
Wills in New York range from simple to very complex. Most people only require a straightforward will, even if they are worth as much as $1 million. People with a net worth of $5 million or more will want to explore the use of trusts or more complex methods of disposing of their property. Someone in this category should consider a gift to charity, as this will reduce their taxes as well.
New York wills are important, and must be probated by the Surrogate’s Court upon the death of the individual who made the will. For more information about drafting a will, please contact a lawyer.
Feel free to contact Eric at Eric@nyhomelaw.com
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Taxes are one of the most important considerations when drafting a New York will or estate plan. Anyone who dies with an estate worth more than $1 million will be subject to estate taxes in New York State. Federal estate taxes change every year, and may also apply to even smaller estates.
Because of the potential estate tax burdens, everyone who owns real estate or has even a few hundred thousand dollars in stocks, bonds, or other property should look into drafting a New York will.
New York wills give the testator the option of leaving money to charity, putting money into a trust, or otherwise minimizing tax payments. In my opinion, everyone who lives in New York should consult with an attorney about drafting a will. This is a relatively inexpensive option. Spending $1,000 now could easily save you hundreds of thousands of dollars in estate taxes later!
Feel free to contact Eric by e-mail at Eric@nyhomelaw.com
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New York has recently updated the laws regarding the granting of Power of Attorney to someone. Under the new laws, the person who is being appointed Power of Attorney must be informed of their duties and responsibility and also must sign the Power of Attorney form. Previously, someone could be appointed a Power of Attorney for someone else without any knowledge that they were being given this responsibility.
Along with drafting New York Wills, most attorneys in New York will recommend drafting Powers of Attorney for their clients. These are useful to have and can help someone manage their estate if they become incompetent for whatever reason. In order to function in this capacity, though, a Power of Attorney must be durable. Ask your lawyer about drafting a Durable Power of Attorney, which is permitted under New York law. It is important to understand the different types of Powers of Attorney, what they mean, and how they function.
In addition to a will, New York residents should consider having a Power of Attorney as well.
Feel free to contact Eric by e-mail at Eric@nyhomelaw.com
Attorney advertising. This post is not legal advice. For legal advice, consult your attorney.
