You may have worked with an attorney, signed a will, and clearly stated that your children should receive your estate equally. But what happens if your retirement account still names one child as the beneficiary? Or what if your life insurance policy names a former spouse to receive insurance proceeds? Does a beneficiary designation override a will? In many...
Continue ReadingWhen planning for the future, writing a will might be the most important step to protect your assets and ensure your loved ones are financially protected. Many people ask, Do you need a lawyer to make a will? While you are not legally required to hire an attorney to draft your will, having an attorney is often crucial in...
Continue ReadingWhen someone dies with a will, their family typically must go through the probate process to inherit the assets left behind. Probate can be difficult enough when everything is in order. But what happens when a loved one disagrees about whether the will is legally valid? What if there are concerns about whether it is truly an expression of...
Continue ReadingNo one plans to become incapacitated. Yet illness, injury, or cognitive decline can happen at any age. When it does, the question is simple but urgent: Who has the legal authority to step in to help you? You can create your own answers to these questions while you still have capacity and make them enforceable through effective estate planning....
Continue ReadingWhen people start the estate planning process, they often have common questions: What is the difference between a will and a trust? Is a trust the same as a will? Both are legal tools to help you establish terms for your property management and distribution, but they are different. A will is a document that takes effect only after...
Continue ReadingComprehensive estate planning usually involves several documents. One important tool many people use in their estate plans is a pour-over will that complements a living trust. So, what is a pour-over will? Instead of giving property directly to beneficiaries through the will, the pour-over will directs that any assets not put in your trust “pour over” into the trust...
Continue ReadingDo you have a will? Do you have anything written down to instruct others about what you want to happen to your assets, heirlooms, and property when you pass away? According to a recent study, only 32% of Americans have a will. Many adults have cited a lack of assets or procrastination as the reason for not having one....
Continue ReadingUnderstanding what to include in a will is crucial for protecting your loved ones and ensuring your assets are distributed according to your wishes. It provides clear instructions for handling your estate, preventing confusion and potential disputes among family members. Although it might seem straightforward, drafting a will involves several legal considerations. An experienced will lawyer can ensure your...
Continue ReadingEstate planning law is filled to the brim with legal jargon, including the terms “advance directive” (sometimes called “advanced” directives) and “living will.” Though these terms are often used interchangeably, advanced directive vs. a living will is a question of a category and a subcategory—a living will is a type of advance directive. Your advance directive or living will...
Continue ReadingIf your parents died with a will, you may think it should be easy to close their estate. However, beneficiaries of a will can contest it and complicate the process. If your sibling is contesting your parents’ will, The Law Office of Andrew M. Lamkin, P.C. is the experienced Long Island estate planning lawyer who can guide you through...
Continue ReadingLast will and testaments hold significant importance in New York. They serve as crucial legal documents that outline individuals’s final wishes and instructions regarding the distribution of assets and the care of dependents upon death. Without a valid will, the state’s intestacy laws may dictate asset distribution, which may not align with the deceased’s desires. A will enables individuals...
Continue ReadingIn New York, advance care directives, including living wills and health care proxies, are legal documents that allow competent adults to specify their preferences and wishes regarding medical treatments or appoint someone to make healthcare decisions on their behalf if they cannot communicate their wishes. Although New York recognizes living wills, no statutory framework governs the validity of these...
Continue ReadingThere is a lot of misinformation about what happens if you don’t have a will when you die. Contrary to popular belief, your property rarely passes to the state if you die without a will. Instead, it is distributed to your legal heirs according to the state’s intestacy laws. Heirs include relatives by blood or by marriage. Although intestacy...
Continue ReadingWhen a person dies, their assets must be distributed. The distribution process varies based on whether the person had a valid will and the size of their estate. If the person who died, legally known as the decedent, had a will, an executor is responsible for administering the estate. If the decedent died without a will or their estate...
Continue ReadingIn New York, a handwritten will, also known as a holographic will, is generally not considered valid unless it meets specific criteria. According to New York law, a will must be in writing, signed by the testator (the person making the will), and witnessed by at least two credible witnesses who are not beneficiaries. However, holographic wills are only...
Continue ReadingA personal representative of your will, also known as the executor, is the party responsible for carrying out your final wishes, evaluating your estate, filing proper documents, and distributing assets to beneficiaries. It is a role that you should not fill with the first person that comes to mind. Instead, you must carefully think about who you can trust...
Continue ReadingWhen you draft your will, you have the best intentions for your loved ones. You want to provide for them, make sure they have a healthy financial future and have a little extra for what they need. Unfortunately, when wills go through probate, emotions, combined with high sums of money, take over. This can lead to fights among siblings,...
Continue ReadingAn estate consists of the personal or real property, possessions, and financial holdings that a person has accumulated during his or her lifetime. Estates do not apply only to the wealthy. One’s estate simply consists of the personal property owned by that individual, regardless of the amount of property. An estate can consist of a modest home and vehicle,...
Continue ReadingThe purpose of a will is to be sure that your affairs are handled after your death and that your loved ones are taken care of properly. A will also protects your estate from various forms of litigation, including suits filed by family members who do not agree with the will’s contents. For this reason, it is important to...
Continue ReadingMany mistakenly believe that drafting a will is something that only needs to be done by old, retired people who have families and are facing their end of life decisions. There are, however, many reasons to draft a will no matter what age you are. It is really never too early to make your will. 1. Serve Your Family...
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