Estate law has many facets to it. There are applications in this field of law that are pertinent to the elderly, children, young families, and heirs. From appointing a guardian for a minor to drafting a revocable trust, the tools and vehicles in estate law are vast. If you are a Roosevelt Island resident living in area 10044, there are two basic tools you should be aware of.
Last Will and Testament
The will is something we all hear about. It is a document which conveys your final wishes. It provides instruction as to what should be done with your property upon your passing and who should be the legal guardian of your minors and dependents. Whether you are single, married, or divorced, it is always recommended you have a will in place. It is advisable you choose an attorney who is in the business of drafting wills. Time and time again, our law firm has seen instances where a poorly executed will would cost the beneficiaries the estate.
Beware of this before getting a will
Power of Attorney
This very useful tool comes in handy when you are incapacitated. Even though you may get sick and be out of order, your bills don’t take a break from needing to be paid. A power of attorney is an individual who is appointed to take care of various day to day financial undertakings that you typically handle. With a power of attorney, the appointed individual can access your bank accounts, represent you during a real estate closing, and handle a variety of other financial stransactions when you are unable to. You set the limits for when the power of attorney ends.
Different estate planning vehicles
Probate Representation For Roosevelt Island Residents
If an individual has a last will and testament, upon their passing the will is typically submitted to Surrogate’s Court. From that moment on, assuming the will is properly executed and accepted by the court, the estate of the decedent begins the probate process. During this period, which lasts a minimum of seven months, the estate is settled, necessary taxes are paid, and the property of the deceased is transferred to the beneficiaries. The individual that handles the daily tasks during probate on behalf of the estate is the executor.
Call our law firm today if you require representation for a probate or estate matter at (646) 233-0826.