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WILLS, TRUSTS & ESTATE ADMINISTRATION
CALL NOW to schedule a consultation in our office!
212.267.0200 The Marzec Law Firm can prepare an estate plan ranging from a basic will to a complex tax minimization plan. Before you may execute a valid will, you have to be at least 18 years old and the will execution must meet certain other formalities, such as the two witnesses requirement. Having the Marzec Law Firm draft a will is the reasonable thing to do because the consequences of a failure to prepare for a catastrophic disease and death will most certainly impact your spouse and children. Failure to plan for the worst case scenario will likely result in economic depravation of your family members, and may lead to unnecessary disputes among your intestate heirs.
Perhaps as a last act of self-assertion and of human will, you would like that your remains be disposed of in a specific manner (say buried, cremated or scattered at sea), perhaps you want to provide for a family member you particularly liked, or you may desire that your specific personal property ends up in the possession of a person who will likely take care of it the way you would have liked. Failure to provide such instructions may lead to quality family heirlooms being sold at an auction and cash distributed to your family members. Estate planning is the better way to go.
Estate planning instruments primarily include wills and trusts. In a will, you will describe how you want your life possessions to be distributed after your death. You have an option of appointing an executor. You may decide who will serve as your children's guardian.
In addition to a will, you may be a good candidate for creation of trust instruments. A trust is an arrangement where the legal property interest is held by one person for the benefit of another. The holder of the trust corpus bares the burdens of property ownership while the beneficiary gets the benefits. You as a grantor may create a revocable or an irrevocable trust. As the language implies, revocable trusts may be changed or terminated by the grantor, while irrevocable trusts generally may not be. There are living and testamentary trusts. Both may have applications in your overall estate plan.
Other estate planning instruments include Powers of Attorney, and Health Care Directives and Living Wills. A Power of Attorney allows "an attorney in fact" to make decisions should you become incapacitated. Other documents allow you to designate third parties to make medical and end of life decisions.
ESTATE ADMINISTRATIONThe Surrogate Court administers all probate matters, including determining the validity of a will, inventorying all assets, and making arrangements for payment of all taxes and debts. Assets admitted to probate will include solely and jointly owned property, value of life insurance policies, trusts, annuities, and certain retirement plans.
Please contact us today to talk about your estate planning or an estate administration matter.
CALL NOW to schedule a consultation in our office!
212.267.0200 MARZEC LAW FIRM
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The Marzec Law Firm, PC is conveniently located in downtown Manhattan, Williamsburg-Brooklyn, Clifton-New Jersey, and Stroudsburg, Pennsylvania. The Firm currently serves clients in New York, New Jersey, Connecticut, Pennsylvania, Massachusetts, California, Florida, and Illinois. Click here for directions to the New York City office.
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