Lower Manhattan Probate Lawyer
At the time of an individual’s passing, two situations typically happen. If the decedent who passed had left a will behind, you enter in a process regarded as Probate. Essentially, this is a legal situation in which your attorney must attend Surrogate’s Court to finalize the individual’s estate so that all property in the estate are properly accounted for and are provided to the beneficiaries as outlined in the will. However, if there is no will in place, things can become much more difficult. The potential beneficiaries of the estate will need to delve into what is called Estate Administration. The involvement of Surrogate’s Court is also required.
Contact a Lower Manhattan Probate Lawyer today for a consultation or to set up an office visit. The number is (646) 736-6328.
Lower Manhattan Estate Planning Lawyer
It is important to understand what exactly you want to do with your assets. Estate Planning is the process in which you plan and utilize certain legal vehicles to properly distribute your assets to parties that you want to be beneficiaries of what you own. Estate planning is also the process in which you seek legal strategies in order to avoid unnecessary taxes. Creating a trust is one such instrument available to ensure your assets are dispersed in a way that you are comfortable with. A proper trust can also decrease your inheritance tax liability if done properly.
Contact a Lower Manhattan Estate Planning Lawyer today for a consultation or to set up an office visit. The number is (646) 736-6328.
The Ramifications of No Estate Planning
Without the proper estate planning, you expose yourself to tremendous issues that will put your business and family into a situation which will cause nothing but stress and turmoil.
When you have young children, you need to plan ahead and decide who will be their guardian at the time of your passing. You must take into account how you will want your assets to be distributed to them. Perhaps you want your assets to be distributed to them when they reach the age of 18 or you want your assets to be dispersed to them in specific monthly increments. When none of these guidelines are in place, a judge will decide who should be in charge of how all of these matters should be handled. A judge may decide to appoint a trustee or an appointed guardian to handle such matters. The issue with this your lack of control in the matter.
Another area that should be of concern is your business. At your passing, who should be given your share of the business? Do you want it to be split between all of your partners or just one partner? Should your share of the business be liquidated to your family so they can have something to live off? All of these items can be resolved with proper estate planning and establishing a living trust.
You are never too young or too old to consider hiring the right representation to walk you through the process of estate planning. The right lawyer can set up the correct type of trust, can be the trustee of your estate, and be the appointed guardian.
As a law office that is here to service individuals in Lower Manhattan, we are here to service individuals and communities in the following zip codes: 10004, 10005, 10006, 10007, 10038, 10280.