Estate Planning Relevant To Your Needs

When it comes to planning your estate, your situation and your wishes are not the same as anyone else’s. Form books and do-it-yourself documents cannot satisfy your individual needs. A diligent and experienced estate planning lawyer will alert you to planning needs of which you may not be aware. William A. Simon, provides carefully customized wills, trusts, and other advance planning documents. He will keep working with you until you are fully satisfied.

Realize Your Vision For The Future

To ensure that your will and all of your other estate and advance planning documents will realize your vision of the future, attorney Simon takes the time necessary to interview you and gain a thorough knowledge of all the relevant details. After gaining the necessary understanding of your assets, your family, the needs and abilities of your intended beneficiaries, and the way that you want your property left, he can create an estate plan that incorporates all the necessary elements, which may include:

• Wills
• Health care proxies
• Living wills
• Trusts
• Powers of attorney (health care proxy and Living Will, durable power of attorney)
• Family limited partnerships (FLPs)
• Estate tax planning

Attorney Simon’s 40 years of professional experience ensures that your estate planning documents will be free of ambiguous language and will address all of the issues that could otherwise lead to questions further down the line. He understands that circumstances can and most likely will change. His knowledge of wills and estate plans allows him to incorporate the possibility of changing circumstances into your plan. This is the attention to detail you need to ensure that your estate plan is in order and your family is protected.

Frequently Asked Questions About Estate Planning

When planning your estate, you may have questions about the best way to protect your assets and carry out your wishes. Below are answers to some of the most common questions about estate planning in New York.

What is the purpose of a last will and testament in New York?

A last will and testament allows you to specify how your assets will be distributed after your death. It makes certain your property goes to the beneficiaries you choose, rather than through New York’s intestacy laws, which determine asset distribution for individuals who pass away without a will. A will also lets you name a guardian for minor children and appoint an executor to manage your estate.

Do I need a trust in New York?

While not everyone needs trust, many find it helpful, especially if they want to avoid probate, provide for minor children or manage complex assets. A trust allows you to transfer assets to beneficiaries while controlling how and when they receive them. It also helps protect your privacy, as trusts typically do not go through probate. Additionally, trusts can be a useful tool for minimizing estate taxes and securing financial stability for your loved ones.

What is the difference between a living will and a health care proxy in New York?

A living will outline your preferences regarding medical treatment in situations where you are unable to communicate, such as terminal illness or irreversible conditions. A health care proxy designates a specific person to make medical decisions on your behalf if you become incapacitated. Both documents are essential for making sure your health care preferences are respected.

How do I avoid probate in New York?

To avoid probate, you can establish a trust, designate beneficiaries for financial accounts or hold property jointly with the right of survivorship. Assets transferred through these methods pass directly to the beneficiaries, bypassing the court-supervised probate process, which can be lengthy and costly.

Can I make changes to my estate plan in New York?

Yes, you can update or modify your estate plan at any time, provided you are of sound mind. It is common to revisit your plan after major life changes such as marriage, divorce, the birth of children or significant shifts in your financial situation. Regular updates help your estate plan stay current with your wishes and any new circumstances.

Protect Your Legacy. Call Today.

Contact the law firm of McGarry & Simon online or call the office at 212-235-1898 to schedule a free initial consultation.