New York Will Drafting Lawyer
People do not like to consider their own demise; however it is important to think about what will happen to their assets when they pass away. Anyone who is over the age of 18 is able to create a will. While it’s a good general rule of thumb that everyone should have a will, the length and complexity of the document will depend on the size of the estate. While a will is one of the cornerstones of a good estate plan, many other documents may need to be included as well, such as a Power of Attorney, Trust and Advanced Health Care Directive. It is important to consult with an experienced New York Will Drafting Lawyer to assist you in the process, as estate planning can be legally complex.
When your meet with you New York Estate Lawyer, they will tell you that the first thing you need to determine is how you want your assets handled after your death, and who your beneficiaries will be. You don’t necessarily need to notify the beneficiaries at this point, but you will need their have their name and current address.
During the Will Drafting process, you will also need to appoint an executor. The executor will be responsible for overseeing the administration of your will after you pass away. They will be responsible for taking an inventory of the estate assets and distributing them to the beneficiaries list in your will. Because the executor has a lot of power with regard to your affairs, it is important to choose someone that you know is honest and that you can trust.
Depending on the size of your estate, it is important to consider any potential tax liability during the Will Drafting process. In New York, if you pass away with a$1 million dollars or more in your estate you will pay estate taxes of 40%, or even higher. An experienced New York Estate Lawyer is well aware of this, and will be able to create an estate plan that minimizes any estate taxes that would otherwise come out of your estate.
If you are interested in creating a will or other Estate Planning document, or are involved in a Probate Litigation, or Estate Administration issue, contact Stephen Bilkis & Associates, PLLC today. We have experienced counsel who will be able to address your concerns and educate you as to your options. We will provide you with a free consultation as well. We have offices not only in Manhattan, Brooklyn, Bronx, Queens, Staten Island to Long Island in both Nassau County and Suffolk County and Westchester County. Contact us today at 1.800.NY.NY.LAW.