New York Legacy Lawyers by Yana Feldman & Associates PLLC

Importance of Estate Planning in NY

Estate planning is an important process to arrange for the transfer of property when a person dies. This includes the writing of a last will and testament, designating beneficiaries on retirement accounts and life insurance policies and creating living trusts or other instruments. It also may include naming healthcare and financial proxies and settling other matters like funeral arrangements. It is a process that begins upon legal adulthood and often involves periodic updates to accommodate major events such as marriages and births. An experienced estate planning attorney can guide you through this complex process to ensure your wishes are carried out effectively.

Everyone should have a comprehensive estate plan in place. Even young people with modest assets can benefit from the peace of mind that comes from knowing their wishes are documented in the event of mental incapacity or death. It is particularly critical for elderly loved ones who may be vulnerable to being taken advantage of or whose health could decline, making them unable to make decisions for themselves. The estate planning attorney process can help ensure that your family members are cared for in a way that reflects your values and priorities.

Without a will, your assets would be distributed according to state law, which might not align with your wishes. In addition, a will allows you to avoid probate, which is an expensive and time-consuming process. Probate is also an opportunity for fraud and disputes to arise. Consulting an experienced estate planning attorney can help you draft a will that accurately reflects your intentions and minimizes the potential for conflicts.

An estate plan also gives you the option to reduce state and federal taxes. While this is often not a primary goal of most clients, there are many techniques that can be used to lower the amount of assets subject to taxation. These strategies may include taxable gifts, revocable and irrevocable trusts and other types of structures. An estate planning attorney can assess your financial situation and goals to recommend the most effective tax reduction strategies for your specific circumstances.


In addition to the benefits mentioned above, a well-thought-out estate plan can protect your family from unnecessary legal and administrative fees. For example, a properly structured trust can reduce or eliminate the need for probate, which typically involves hiring attorneys and paying for other professional fees. It can also minimize the costs of administering an estate, which are usually based on a percentage of the total value of the estate.

If you have an estate plan in place, it is important to regularly update it. An estate planning attorney can help you review and update your assets, and consider any changes that might be necessary in light of recent life events or new legal developments. 

NY Inheritance Laws: Navigating with an Estate Planning Attorney

In New York, upon the passing of an individual, their assets typically undergo the probate process. An estate planning attorney is crucial during this period, ensuring that the courts validate the will, accumulate the assets, settle debts, and ultimately, distribute the inheritance to the rightful heirs.

The initiation of probate requires the naming of a representative, commonly termed an executor. This individual has the task of cataloging the assets, settling debts, and disbursing the remaining estate funds to the beneficiaries. An estate planning attorney can be of invaluable assistance here, especially considering certain complexities. Notably, even if a will doesn't specify it, a spouse holds the right to a substantial part of the deceased’s estate.

Judges, when deliberating the division of marital assets amidst a divorce, ponder over various elements like the marriage duration, the ages of the individuals involved, and their potential for self-sustenance. If a death occurs, the court may take into account the departed's children and other heirs, an area where guidance from an estate planning attorney becomes essential.

In situations where an individual passes away without drafting a will, New York's intestate succession laws spring into action, determining the beneficiaries. The hierarchy prioritizes immediate family members like the spouse, children, and parents. A spouse stands to inherit $50,000 plus half of the remaining estate, while the children divide the residual balance equally. The assistance of an estate planning attorney can ensure that these distributions are carried out smoothly and legally.

Likewise, siblings of the spouse and offspring of deceased siblings get equal shares. Potential inheritors can extend to grandparents, aunts, uncles, first cousins, and their descendants.

Children born out of wedlock can also lay claim to a portion of the estate provided certain conditions are met. Ensuring these criteria are adhered to can be seamlessly managed with an estate planning attorney's expertise.

New York's inheritance laws also encompass specific provisions safeguarding surviving spouses. These encapsulate the entitlement to at least a third of the estate and a life interest in real estate properties. Furthermore, a spouse can claim up to a quarter of personal property held either in joint tenancy or tenancy by entirety.  

Navigating NY Estate Assets with the Help of an Estate Planning Attorney

When someone passes away in New York, their assets undergo the probate process. Probate, managed by the Surrogate's Court, entails validating wills, nominating executors or administrators to oversee the estate, settling debts, and ultimately allocating assets to beneficiaries. Having an estate planning attorney can guide beneficiaries through this often intricate procedure.

If the deceased left behind a will, assets are allocated as per its stipulations. However, if for any reason the will is deemed invalid, the state’s intestacy laws dictate the distribution of the assets among kin and acquaintances. Given the intricate nature of the process, having a seasoned legal team becomes pivotal. A proficient New York estate planning attorney can not only aid in drafting an estate plan optimizing tax reductions on property transfers but also ensure the intended beneficiaries obtain their assets, safeguarding you from potential legal disputes.

Embarking on the estate handling process commences with estate initiation. This might involve actions like accessing bank accounts, deciding on stocks and bonds, managing real estate, and gathering other valuables. As the executor takes stock of all probate assets, they'll classify each item, determining if it's a probate or non-probate asset. Familiarity with distinctions, like recognizing a non-probate asset in New York – which is an asset that transfers ownership directly to a beneficiary via mechanisms like beneficiary designations, joint bank accounts, or "in trust for" property – becomes easier with an estate planning attorney's guidance.

Duty-bound, the executor or administrator must inform all recognized heirs, creditors, and concerned parties of the estate's initiation, and also announce it in a local publication. Should the estate be large enough to incur estate taxes, the executor or administrator is required to submit state inheritance and/or estate tax returns. And here, the expertise of an estate planning attorney proves invaluable in ensuring no mistakes are made.

In instances where the estate is exempt from taxes, the executor or administrator disperses the assets to the heirs, either abiding by the deceased's wishes or adhering to intestacy laws. Moreover, they must observe New York's minimum distribution stipulations for wedded couples, guaranteeing the surviving partner receives their lawful portion of the estate. The right estate planning attorney becomes essential in navigating these complexities and avoiding potential pitfalls.


New York Legacy Lawyers by Yana Feldman & Associates PLLC

New York Legacy Lawyers by Yana Feldman & Associates PLLC

132 32nd St, Brooklyn, NY 11232, United States

(718) 713-8080