Wills and Trusts Attorney Serving Long Island and New York

wills and trusts attorney in long island

Planning for the future is a big part of protecting your loved ones. Trusts and wills are vital estate planning tools that can give your loved ones legal clarity and give you peace of mind. Whether you need assistance with a will or are considering a trust, it is crucial to understand how these legal instruments work under New York law. As an experienced wills and trusts attorney in Long Island, Andrew Lamkin is here to guide you through the complexities of estate planning. He can ensure your assets are protected, and your family is provided for.

This article explains the key aspects of New York estate laws and why working with our will and trust lawyer from the Law Offices of Andrew M. Lamkin, P.C., can be the best choice for you.

How Can a Will Help Me?

A will is a legal document that directs how your estate will be managed and distributed after your death. Without a will, the state of New York will make these decisions for you based on intestacy laws—which may not align with your wishes. Depending on your age, the size of your estate, your family structure, your health, and that of your beneficiaries, these documents will play a major role in achieving your trust and will goals.

Key Components of a Will

Wills can cover a variety of matters, from providing directions about handling assets such as bank accounts, real estate, or personal property to making arrangements regarding your children’s care. The key components of a will include:
Executor designation—naming the person responsible for administering your estate and carrying out your wishes;
Beneficiary designations—identifying the individuals or organizations who inherit your assets;
Guardianship appointments—designating a guardian to care for any of your children under 18; and
Asset distribution instructions—including details about who will receive specific assets.

The more comprehensive and detailed your will is, the less likely it is that any of your assets will pass under the state’s intestacy laws, which might go against your wishes.

New York Will Requirements

Under New York law, a valid will must meet the following requirements:

The testator must be at least 18 years old and of sound mind
The will must be in writing
It must be signed by the testator and witnessed by two individuals

Trusts in New York

In a trust, one party (the grantor) transfers assets to another party (the trustee) to manage for the benefit of designated beneficiaries. Trusts may be used for asset protection, tax planning, and avoiding probate.

Types of Trusts in New York

While a trust can help your loved ones avoid probate after you pass, it can also help you or your loved ones manage property and finances during your lifetime. Some common types of trusts include:

Revocable living trusts. Revocable Trusts can be used to avoid probate. They are especially helpful for clients who own property in multiple states and who wish to create a complex plan of distribution. They can also be used for those with an estate in excess of one million dollars to limit an estate tax liability or those in second marriages who wish to make necessary provisions to protect their families.

Irrevocable trusts. Used to protect assets against the cost of long-term care, including the cost of a home health aide or nursing home. By implementing an Irrevocable Trust you may be eligible for Medicaid benefits.

Life insurance trusts. A life insurance trust is a living trust that holds a life insurance policy on your life so that when you die, the proceeds go to the trust itself as the policy beneficiary. The proceeds can then be distributed to the trust beneficiary by the trustee as specified in the trust document. A life insurance trust can carry significant tax benefits if it is set up as an irrevocable trust. It is even possible to set it up so that the life insurance proceeds are not taxed at all.

Credit shelter trusts. The Credit Shelter Trust is used primarily for wealthy people to avoid the IRS estate tax when they die. This is not a concern for most people since the estate tax is not levied on the first $11.4 million of an estate’s value (as of 2019). A Credit Shelter Trust needs to be irrevocable. Although the income it generates after your death will be passed on to your spouse for life, your spouse will be entitled to draw from the principal under certain circumstances. When your spouse dies, the assets held in the trust will not be counted toward the estate tax exemption – and that is the main purpose of establishing a Credit Shelter Trust.

Special needs trusts. A special needs trust can provide financial support to an individual with disabilities without jeopardizing their government benefits.

Qualified personal residence trusts (QPRTs). A Qualified Personal Residence Trust (QPRT) is another device that is designed to avoid estate taxes. A QPRT is an irrevocable trust that holds title to a residence. The residence does not have to be your primary residence, but the trust can be set up to allow you to live there even though, strictly speaking, it is the trust that owns the residence, not you personally. The QPRT is used to avoid the IRS gift tax.

Minor trusts. A minor trust is a testamentary trust that you set up in case you die with minor children who are your dependents. It takes effect only after you die, and assets are distributed by your trustee to your minor children in the manner you specify in the trust document. When the child reaches a certain age (21 or 25, for example, depending on the terms of the trust document), the remaining trust assets can be distributed directly to your children. The purpose of a minor trust is to avoid leaving money to beneficiaries who are too young to manage it properly. It can also be set up to avoid gift taxes. Talk to our Long Island trusts attorney to have more information.

Spendthrift trusts. If you have an adult child with financial issues or simply want to provide them with an income stream for a period of time, a spendthrift trust will allow you to protect any possible inheritance from their creditors and provide them with a structured plan of distribution.

If you have a question about whether a trust or will is best for you or if you should use both for your estate planning, speak to our wills and trusts lawyer in Long Island today.

The Role of a Will and Trust Attorney

Working with the Law Offices of Andrew M. Lamkin, P.C. can ensure that your estate plan is legally sound and customized to your needs. We can help with:

Drafting a legally valid and enforceable will,
Establishing the right type of trust for your circumstances,
Ensuring compliance with federal and New York estate laws,
Minimizing estate taxes,
Protecting assets from creditors, and
Updating estate plans as your financial and family situations change.

FAQs – Wills and Trusts

What Happens If You Don’t Update Your Trust Documents?

It depends. If you don’t update your trust documents, some scenarios can play out depending on the circumstances. Perhaps nothing will happen, or your beneficiaries could have to turn to probate to obtain assets. For instance, a simple example can be if your trust states, “all residential property goes to X.” Then whether you sell or buy more residential property before your passing, it doesn’t matter if you updated your trust because the language is written as such that it does not require a specific naming.

However, if you add assets to your trust and do not indicate what will become of those upon your death, your beneficiaries may have to turn to probate to transfer property not included in your trust.

What Happens If You Die Without a Will or Trust?

If you pass away without a will or trust in New York, your estate will be subject to New York’s intestacy laws. This means the court will distribute your assets according to the following order under state law:

If you have a spouse and children when you die, the spouse receives the first $50,000 plus half of the remaining estate, and the children split the rest;
If you have a spouse but no children when you die, your spouse inherits everything;
If you have children but no spouse when you die, the children inherit everything;
If you have no spouse or children when you die, your parents inherit your estate;
If you have no spouse, children, or parents when you die, your siblings inherit your estate;
If no close relatives exist at the time of your death, the estate may pass to more distant family members; and
If no relatives are present when you die, the estate escheats to the state, meaning the government takes ownership of your assets.

Without a will or trust, your estate may face delays, additional legal costs, and disputes among heirs. Our Long Island wills and trusts attorney can set up multiple contingencies in your will and trust documents to help ensure your estate passes to the individuals you choose.

Are Handwritten or Oral Wills Enforceable in New York?

Generally, in New York, wills are required to be in writing. However, there are exceptions in which a holographic (written) or nuncupative (oral) will be acceptable. Typically, for either a handwritten or verbal will to be legally recognized and enforceable, it must be under one of three circumstances:

The individual is on active duty in the military or naval service,
A civil servant accompanying the military or naval service during a war or armed conflict, or
A mariner while at sea.

To be valid in New York, the verbal or handwritten will must fit the relevant definition under the law and be made by a qualifying individual. To learn more about the specific requirements, contact our team.

Get Started with Your Estate Plan Today

Estate planning is not just for the wealthy—it is crucial for anyone who wants to ensure their last wishes are honored. Whether you need assistance drafting a will, establishing a trust, or navigating New York estate laws, the Law Offices of Andrew M. Lamkin, P.C. is here to guide you through every step.

Our experienced legal practitioner also handles other types of cases, including:

If you are a New Yorker searching for “a skillful wills and trusts attorney near me,” our office is the answer. We are an award-winning firm with over a decade of experience. Contact us by phone or online today to schedule a consultation.

Long Island Wills and Trusts Attorney