Guiding You Through Estate Planning And Probate
Planning for the future is the best way to avoid worries. A thorough estate plan can go a long way toward giving you peace of mind that your wishes, well-being and legacy are in place, regardless of what may come. Likewise, if you have recently suffered the loss of a loved one, enlisting trusted legal guidance can help you navigate the legal road ahead with minimal stress and worry.
At Korsinsky & Klein LLP, our lawyers handle all aspects of estate planning, estate administration and probate. Call our office at 212-257-0199 and take the first step toward peace of mind.
One of our partners is also a CPA, which greatly enhances the value we provide to clients navigating estate planning, estate administration or probate.
What Is Estate Planning?
Estate planning involves putting the right legal tools into place to plan for your future, establish your wishes and create a legacy that extends beyond your lifetime. An estate plan should be unique to you and your wishes.
There are many pieces that comprise an estate plan. Wills and Trusts are just two components. Health Care Proxies and Powers of Attorney are important tools that will safeguard your wishes in the event that you become incapacitated. Long-term care planning, which may involve preparing for Medicaid eligibility, is another critical component.
Why Everyone Should Have An Estate Plan
Estate planning isn’t just for seniors or wealthy people. On the contrary, every adult should have at least a basic estate plan in place. Even an 18-year-old should have a Health Care Proxy, Power of Attorney and Will to address their wishes in the event that they are incapacitated due to an accident or illness. Without these tools, nobody can even access their bank account without a Guardianship, which is much more costly and time-consuming than simply creating an estate plan.
The Probate Process
After your loved one passes away, the logistical issues can be overwhelming. The burden does not stop at planning funerals and memorials; you will need to manage their estate as well. For some families, their loved ones leave them with a Will or Trust that tells them how to manage the estate, but for others, there is no plan in place at all. Either way, managing the process without aid is difficult.
At Korsinsky & Klein LLP, our firm helps families across New York manage Estate Administration and Probate issues so that families can focus on healing. We take the time to listen to our clients. We know that there can be few things more stressful than having to come to terms with the death of a loved one, so we strive to make the process of probate and estate administration as easy as possible. When questions arise over the distribution of property or when you have concerns about the process, our legal team will be at your side, ready to address your needs compassionately and patiently.
What It Means To Execute An Estate
Executors are individuals who are responsible for distributing an estate in accordance with both the law and the decedent’s wishes. If there is a Will, the executor must manage the estate according to a process called probate. When there is no Will, there is an administrator and an administration of the estate occurs. Regardless, there is a slew of regulatory and tax considerations involved.
Executors are responsible for:
- Finding and collecting all estate assets
- Obtaining an estate identification from the IRS
- Opening an estate account
- Managing estate assets
- Paying any debts or taxes owed on the estate
- Reimbursing any reasonable funeral expenses
- Awarding compensation to the executor/administrator for his or her time
- Distributing the remaining assets to the beneficiaries as described in the Will
- Transferring the estate property
- Carrying out official closure of the estate
Estate Administration can be complex and time-consuming. Our attorneys help you expedite the process, manage it efficiently and ensure compliance with your legal obligations.
Common Issues With Estates Can Cause Lengthy Disputes
Although the Probate process can be relatively straightforward, it is not uncommon for disputes and Will contests to arise. When family members feel as though they have been unreasonably left out of a Will, when they believe that a Will was created fraudulently, or when it is believed that the decedent was not of sound mind, a normally straightforward legal process can become extremely convoluted. Our experienced probate lawyers will represent you through the probate process and address any disputes that may arise.
We’re Here To Support You With Compassionate Guidance
If you are looking for guidance on any aspect of Estate Planning, Probate or Estate Administration, we can help. Do not hesitate to contact us online or call 212-257-0199 for more information about our services. We serve clients throughout New York City and New Jersey, with convenient offices in Manhattan, Brooklyn and Lakewood.
The knowledgeable and experienced staff at Korsinsky & Klein LLP hosts free webinars and seminars for groups including nursing homes, assisted living facilities, 55+ communities, companies, municipal workers and more. Contact us today to schedule your event.