Back to the Basics—Last Will and Testament
This edition of the Koldin Law Center E-Newsletter continues a series going “Back to the Basics” to meet your estate planning objectives.
As Elderlaw attorneys, we use our initial consultation to learn what objectives our clients desire to accomplish. In this newsletter we discuss: Do I need a will?
All prior newsletters are saved on our website. You can read them by clicking here.
Your Will, also referred to as a Last Will and Testament, is a legal document that expresses your wishes about how you would like your life savings distributed after you die.
If you do not have a Will, New York State has a statutory distribution list for your life savings.
In New York, if you die without a will (intestate), your estate is distributed to surviving relatives based on a specific order depending on what relatives of yours are living.
For example, if you are survived by both a spouse and children, your spouse inherits the first $50,000 of your estate, plus half of the remaining balance. Your children inherit the other half equally.
In our experience, very few of our clients desire the distributions outlined by New York State law and therefore should sign a Will.
When the Koldin Law Center meets with clients at the initial consultation, we spend a significant amount of time reviewing your family situation to help you determine how you want your Will to be written.
Your Will not only covers how you want your estate distributed on your death but also covers who you want to appoint to carry out your Will (Executor) and who you want to care for your minor children (Guardian).
Your Will also can express your wishes for what happens if someone dies before you. For example, if your child predeceases you, would his/her share go to his/her own children, his/her spouse, or to your other surviving children.
If any of your children or grandchildren are disabled, you could direct that his/her share be held in a Supplemental Needs Trust to protect the inheritance without causing a loss of government benefits.
Your Will can also address second marriages to provide for your spouse and your children.
Although Wills are an important legal document, the downside to a Will is that they must be Probated.
Probate is a judicial proceeding to determine the validity of your Will and to carry out the terms of your Will. The need for judicial involvement can cause delay and unnecessary expense.
Future newsletters will discuss ways to avoid or minimize Probate.
The next newsletter in this series discusses why you should periodically review and update your Will.
For more information on Wills, please visit our website by clicking here.
At the Koldin Law Center, P.C., located in East Syracuse, New York, we have over 50 years of experience helping individuals plan for immediate crisis and long term care.
The Koldin Law Center, P.C. limits its practice to the specific field of Elder Law which includes estate planning and Medicaid law.
Our attorneys are available to discuss your estate planning options, including the advantages and disadvantages of Revocable Trusts and Irrevocable Trusts, along with other estate planning considerations including a Will, Power of Attorney, and Health Care Proxy.
When the Koldin Law Center, P.C. handles a Medicaid case, we not only handle the entire application process, but we also review asset protection options with our clients. We review with our clients who are already in a Nursing Home options to protect some or all of their assets beyond merely establishing Medicaid eligibility.
We do not charge a fee for the initial consultation. We welcome your children, family attorney, accountant, and/or financial planner to be present at the initial consultation.
There is something you can do.
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Our Attorneys are available to speak to your organization
Our Attorneys speak to groups throughout New York State as a public service. If you would like to arrange for one of our Attorneys to speak to your group, please contact our office.
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We appreciate your referrals
We have been told by many clients who are in a crisis that they wish they had known about our firm much sooner. We are proud of the many families we have helped in times of crisis.
We are also proud of the many families we helped avoid financial crisis by doing estate planning in advance.
We all share the responsibility for making our family and friends aware of the planning options available to them.
Your referral to the Koldin Law Center could make a major difference in the lives of your family and friends if they are someday faced with a long term illness.
Remember that the Koldin Law Center offers many services for clients of all ages. Our services range from basic estate planning such as a simple will to complex estate planning including asset preservation planning.
THERE IS NO FEE FOR THE INITIAL CONSULTATION
