Our New York estate attorneys NY 10016 are highly experienced in creating wills and trusts. We understand the local laws and are familiar with common estate issues the people of New York face, such as estate tax, Medicaid eligibility, and probate, among others.
Our aim is to help you draft your will and trust such that they cover all your concerns concerning your asset transfer while ensuring that it’s executed in the most efficient and cost-effective way possible.
Having an experienced estate attorney establishing your wills and trusts in NYC gives you peace of mind for the future that your wishes will be honored and your best interests protected.
Contact our office to get help from a highly knowledgeable wills and trusts attorney near you 10027.
Drafting a customized will for asset transfer
A last will and testament, simply called a will, is a basic estate planning document on which you express your wishes concerning how you want your assets distributed when you pass away.
While you can download will templates online, it is important you use only a New York will if you live in NY 10016. There are also several things to consider when drafting your will. It’s not all about allocating assets to beneficiaries. If you own property in multiple states, own a complex estate, are in a blended family, or look to avoid taxes, probate and possible complications, there are strategies an experienced estate attorney in NY 10016 will employ to help you achieve your goals.
And there are local legal requirements for writing a valid will. If you are not familiar with these laws, it’s best to consult an estate planning attorney near you.
Requirements for writing a will in NYC
- The will must be in writing.
- You (the testator) must be 18 years or above.
- You must be of a sound mind at he time of writing the will.
- There must be at least two witnesses concurrently present who must each sign and attest to the presence of each other.
- The will must also contain the written signature of the testator.
While every will is subject to probate, a complex and expensive court process that takes place after you pass away, trusts avoid this process. Your beneficiaries can therefore inherit quickly and cost-effectively if you use a living trust to bequeath assets to them.
Since trusts are complex estate planning instruments, it’s crucial you seek assistance from an estate planning lawyer near you.
There are different kinds of trusts, including:
- Revocable trust (also called a living trust or revocable living trust)
- Irrevocable trust
- Special needs trust (or supplemental needs trust)
- Charity trust
- Pooled income trust
Notably, our wills, trusts, and estate attorneys will always assess your situation to determine what kind of trust to establish as each type comes with its unique benefits.
Saving you and your loved ones from huge estate tax
Across states, there is an amount known as estate tax exemption amount. In New York, this amount is $5.93 million as at 2021. If the estimated value of your estate falls below this amount at the time of your death, you estate can pass to your inheritors tax-free. But if your estate exceeds that value, an amount known as estate tax must be paid to the state of New York.
However, through proper estate planning, an estate attorney in NY 10016 can help you prevent this, ensuring your valuable money goes to your loved ones who deserve it.
Customizing your estate plan
Not all estates are the same. Some may do well with just a will, while others require intensive planning. For example, you may own property in other states. In such a situation, you would have to retitle these properties into a living trust to avoid placing heavy probate burden on your survivors since probate must be conducted in each state where you own property.
There are other things that may require special attention in your estate that an wills and trusts attorney can help with.
Wills and Trusts Attorney near me NY, 10016
Protect your estate and your family’s future by speaking with a wills and trust attorney near you 10016. Call us to get in touch with one.