New York City Estate Planning and Elder Law Attorney
Preparing an effective personal plan today can help ensure that your objectives are met and that your decisions and preferences are respected by those in your circle or family and friends. At the Law Offices of Andrea Lowenthal, PLLC, we assist clients with all aspects of future planning including Trusts and Estate Planning, Medicaid Planning, Special and Supplemental Needs Trusts and Guardianships.
Contact our office or call 212-203-4866 or toll free 877-633-1119 today to schedule a complimentary consultation to discuss your estate planning and elder law needs.
Why do You Need a Personal Plan?
Many people do not think of themselves as having an estate, but in fact we all have one. Whether your assets are modest or substantial, these assets comprise your estate upon your death. We prefer the term “Personal Plan” to “Estate Plan” because we believe the focus should be on making decisions that affect your life and the lives of those you care about. The legal documents you should have are a set of Advance Directives: a Power of Attorney, a Health Care Proxy, a Living Will, a Last Will and Testament, and a directive for funeral arrangements. The Will you prepared when you were 25 and unmarried, is not the same Will you need after you have spouse or life partner, or children, or any other developments in your family and circle of friends. Likewise, when did you last consider whether the person whom you appointed as Executor, or as agent under your Power of Attorney or Health Care Proxy is still available and appropriate for the responsibility. If you have never prepared any of these Advance Directives, we invite you to schedule a consultation to learn more about what these are and why they are so important in taking charge of decisions that affect your life, your family and your friends.
A Personal Plan includes a Last Will and Testament (sometimes confused with a "Living Will"), which is your statement of what you want to happen with your assets upon your death. Whether you are 18 or 88, you should have a Will. An estate can have different meanings for tax purposes than it does for the distribution of your assets after your death. Planning for the distribution of your assets, whether you distribute these during your lifetime or not until your death, gives you a measure of control.
If you die without a will, then your assets are distributed to your "distributees" according to the New York laws of intestacy, which may not accomplish your objectives. Furthermore, if you die without having prepared a will or a trust, you leave your family with a difficult burden at an already difficult time.
If you have a will at the time of your death, then the person you named as your executor will petition the Surrogates Court for Letters Testamentary, and then proceed to gather and administer your assets, pay the liabilities of your estate, and then distribute the net assets as you have directed in your will.
If you die without a will (intestate) the law requires the appropriate person or persons to seek Letters of Administration, which involves petitioning the court for the authority to do for your estate what a nominated executor would do if you had a will.
Contact Us for Compassionate Service
Your future plans require personalized attention from an experienced attorney. A carefully developed estate plan gives you peace of mind and ensures that your goals for family members, friends and charitable giving are realized.
Contact our office to schedule a free consultation to discuss your estate plan today.