WILLS & ESTATES DIVISION
Frequently Asked Questions (FAQ)
When Should I Change My Estate Plan?
If any of the following events occur, you should review its potential effect on your will and estate plan to determine whether it should be amended or revised. (This is not an all inclusive list)
When Should I Change My Will or Estate Plan?
- Changes in Family Relations
- Changes in Economic and Personal Condition of Testator (and Spouse)
- External Changes
Advantages of Having a Will
- Power to dispose of property according to testator's wishes.
- Appointment of guardian for minor children.
- Appointment of executor.
- Permission to the personal representative (executor) to carry on business, sell assets, make tax decisions.
- Allocation of death taxes in best way.
- Elimination of bond of personal representative (executor or administrator). Creation or exercise of powers of appointment.
- Permits gifts to certain relatives, individuals, or charities, none of which are covered by intestancy laws.
- Tax saving though marital deductions. Providing for descent of property for children of those who die before testator.
- Establishing testamentary trusts with spendthrift clauses to protect beneficiary against his of her improvidence.
- Keeping property out of hands of future spouse of a suvivor.
Living Wills
Property and assets are owned by many types of legal entities -- individuals, partnerships, corporations and trusts. A trust is just a separate paper entity that is established by a property owner to leave assets to his or her beneficiaries. A trust is simply a "contract" between the property owner and the trustee. There are many types of trusts in use: living revocable trusts, living irrevocable trusts, pure trusts, bankers trusts, family trusts, charitable remainder trusts, investment trusts, unit trusts, life insurance trusts, etc. Of all these Trusts, a Revocable Living Trust is one of the most popular and important Estate Planning documents in use today.
Other FAQ's about Wills
Q. MY MOTHER/FATHER HAS PASSED AWAY. WHAT DO I DO?
A. DID HE/SHE LEAVE A WILL? MAKE APPT. TO DISCUSS.
Q. HOW CAN I PROTECT MY ASSETS FROM GOING TO A NURSING HOME?
A. MAKE APPOINTMENT TO DISCUSS ESTATE PLANNING.
Q. DO I NEED A WILL?
A. MAKE APPOINTMENT TO DISCUSS .
Q. IF I DON'T HAVE A WILL, WHAT HAPPENS TO MY PROPERTY?
A. IT WOULD GO TO YOUR NEAREST RELATIVES (HUSBAND/CHILDREN).
Q. WHAT IS A LIVING WILL AND DO I NEED ONE?
A. IT OUTLINES YOUR WISHES ABOUT ARTIFICIAL LIFE SUPPORT .
Q. WHAT IS A HEALTH CARE PROXY?
A. IT GIVES THE PERSON YOU APPOINT THE POWER TO ACT AND DECIDE
MEDICAL ISSUES ON YOUR BEHALF WHEN YOU ARE UNABLE TO.
Copyright © 2023 Held Held and Held - All Rights Reserved. This Web Site is provided for general information only. Nothing included in this Web Site should be construed as creating an attorney-client relationship between Held, Held & Held and the user of this Web Site, nor shall anything in this Web Site be deemed the provision of legal advice or a legal opinion. Professional counsel should be sought to address specific questions or situations. Held, Held and Held is a New York law firm, practicing New York law. None of the information contained herein should be deemed to apply in other states, nor may this page be construed in any way as an attempt by the Law Firm of Held, Held & Held to practice law in any state other than New York. This page is intended to provide general information about our firm and its areas of practice to our current and potential clientele. It is not intended to give legal advice to anyone on any subject. That can only be done through a complete consultation with one of our attorneys. Legal advice obtained through this site does not create an attorney-client relationship, and the reader should not rely on same.
This website uses cookies.
We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.