NY Wills and Trusts Attorney
Serving NYC, Brooklyn, Bronx, Queens, Staten Island & Manhattan
What A Will & Trust Can Do For Your Future:
Wills and trusts are important estate planning tools you should consider. An experienced Brooklyn wills & trusts attorney can help advise you on setting up the proper plan, and they can help you with the following legal matters:
- File to admit a Will or Codicil for probate with the Probate Court
- Assist relatives of a decedent who did not leave a Will (intestate)
- File petitions in Surrogate’s Court to appoint an administrator or fiduciary of the estate
Call (718) 333-2394 for immediate assistance.
What Is The Difference Between A Will And A Trust?
A common myth is that a Will is enough to pass your estate to heirs. However, a Will alone is not enough as it takes at least one year in New York to validate or "probate" it in court, and until the court actually gives its permission by issuing "Letters Testamentary", no one can touch even a dime from your estate. A Will is practically useless if your estate has significant value, or if you have real estate in different States, or if you have minor children or children from different marriages.
You need a Trust to pass your estate to your children without a challenge and court proceedings. A Will always has to go through probate. A Trust never goes through probate. A Trust allows your loved ones to get direct access to your estate immediately after you pass away.
Call (718) 333-2394 to set up a consultation or contact us online.
What Is A Will And Why Does It Need To Go Through Probate?
A Will is a legal document that not only dictates how your estate will be allocated after your death, but also allows you to appoint guardians for minors. In the case that one dies without having a Will in place, the state laws will coordinate how one’s assets will be distributed. According to LexisNexis, it is estimated that a shocking 65 percent of American adults die intestate, without a Will or other estate plan in place! This often leads to unpleasant results which could leave your heirs and beneficiaries disappointed.
By drafting a Will in advance, you could consolidate and dictate your wishes in regards with how you want your estate to be allocated. The process doesn’t end with drafting of a Will, but continues even after one’s death. In order for your Will to be executed, it will have to go through and be approved by the Surrogate's Court of the County where the deceased person resided. This lengthy and meticulous process could potentially take eighteen months or even more of your beneficiaries’ time.
What Is A Trust And Why Do You Need It If You Have A Will?
In essence, a Trust is a legal arrangement that allows for a trustee to hold assets on behalf of ones heirs and beneficiaries. There are different types of Trusts, which dictate specifically how the assets will be passed down to the beneficiaries. The benefit of a Trust is that it usually allows for the beneficiaries to gain access to assets significantly faster than with a will and without any extra costs of probate.
A Revocable Living Trust that was arranged during the lifetime of its Donor allows beneficiary to avoid the lengthy and costly process of probate. In addition to bypassing probate, Irrevocable Trusts allow you to exclude parts of your assets from your taxable estate, something that a Will cannot offer.
In addition, while Wills tend to split up your estate evenly among your heirs, a trust allows you the flexibility needed to disproportionately distribute your assets based off of each individual beneficiary’s needs.
RECENT CASE CLOSED November 4, 2016
Client was already in the assisted living facility and failed to do any estate planning for their large estate. The estate included real estate in the states of Brooklyn, Pennsylvania and Florida, annuities and large bank accounts. All together the estate value was over $5M.
We met with client in the assisted living facility, prepared the family trust and transferred all assets into such trust. Our goals were to avoid costly and timely probate, to protect our client’s assets and to ensure that medical directive and power of attorney are available to the relatives of our client so they can take over if our client becomes incapacitated.
The whole process took only one month.
The Law Office of Inna Fershteyn is comprised of a group of experienced,
leading trust and estate attorneys that can help with your will and trust.