LAST WILL & TESTAMENT
A Will (also known as a Last Will & Testament) is a document in which you transfer your assets to loved ones, friends and charities upon your death.
If you do not have a Will, then state law (New York Estate, Powers And Trust Law) dictates who your assets are transferred to upon your death.
A Will can also be used to assist in transferring certain rights upon your death, such as the guardianship of your child to a trusted family member. By listing a designated guardian in your Will, a court may likely grant guardianship (as long as it's feasible) to that person. Without a Will, guardianship is determined by state law and the court.
Assets titled solely in the name of a deceased person are transferred through Surrogate's Court in either a Probate Proceeding (when there is a Will) or an Administration Proceeding (when there is no Will). The phrase "avoiding probate" often refers to transferring title of your assets during your life time (such as into a Trust) so as to minimize estate tax liability, protect your assets or to avoid the tedious procedures of Surrogate's Court.
Schedule a free 15 minute consultation for more information and to discuss your particular legal needs.
If you do not have a Will, then state law (New York Estate, Powers And Trust Law) dictates who your assets are transferred to upon your death.
A Will can also be used to assist in transferring certain rights upon your death, such as the guardianship of your child to a trusted family member. By listing a designated guardian in your Will, a court may likely grant guardianship (as long as it's feasible) to that person. Without a Will, guardianship is determined by state law and the court.
Assets titled solely in the name of a deceased person are transferred through Surrogate's Court in either a Probate Proceeding (when there is a Will) or an Administration Proceeding (when there is no Will). The phrase "avoiding probate" often refers to transferring title of your assets during your life time (such as into a Trust) so as to minimize estate tax liability, protect your assets or to avoid the tedious procedures of Surrogate's Court.
Schedule a free 15 minute consultation for more information and to discuss your particular legal needs.