Time to Think Ahead

The below article recently published in the New York Times shares a startling statistic: 57% adults in the United States do not have a will.  This means that their estates will be settled pursuant to the laws of their state related to intestacy, the situation where a person dies without a will.  The issues the author raises regarding the uncertainty that exists when a person dies without leaving behind a plan or even a list of passwords are very real. 


http://www.nytimes.com/2013/01/12/your-money/estate-planning/shell-tell-you-its-time-to-think-ahead.html?_r=0&adxnnl=1&ref=general&src=me&adxnnlx=1358960496-3zJaAUnPVK6EkO01Ue5esg

If you have any questions regarding the issues raised in the article or have any questions about preparing a will, health care proxy, living will or power of attorney,  please contact me at RMaheresq@gmail.com. for a  free estate planning consultation

Law Office of Robert J. Maher, P.C.
52 Duane Street, 7th Floor
New York, NY 10007

Executor: Whom shall I choose?

You can choose your spouse, another family member or a close friend to be the Executor of your estate. It is a generally helpful to choose a person who is willing and able to make financial decisions, and who is organized, trustworthy and efficient.  Although the amount of work required depends to a degree on the size and complexity of the estate, the role of executor can require a considerable amount of work.  Executors are entitled to collect fees for their work.  They can also be held liable if they mismanage the estate. So, it is important that the executor seek assistance in administering a decedent’s estate.  

What is the role of the executor?

The Executor (male) or Executrix (female) of a Will makes sure that the dictates of a Will are carried out and is responsible for the administration of a decedent’s Estate.  An Estate is the property owned by a decedent at death that passes to beneficiaries under a will.  It can include cash, jewelry, a house, a co-op and any other property owned by a decedent.   It does not include property owned jointly with another, like a home owned jointly by two spouses, or the proceeds of a life insurance policy.   

The Executor gathers the assets of the decedent and manages them while the estate is probated.  Probate means to file the original will with the court and to notify those required by law of the filing of the will.  The Executor then pays the decedent’s outstanding debts.  If there is a co-op apartment or other property, the Executor may have to sell the property.    The Executor is also responsible for filing the decedent’s final income tax return and a tax return for the estate.  After all of the decedent’s expenses are paid, the Executor distributes the remainder of the decedent’s assets in accordance with the decedent’s will.  Finally, the executor may be required to file an accounting with the court.  An accounting includes a description of all of the income and expenses of the estate and lists any distributions made to the beneficiaries by the Executor. 

Do I Need a Will?

Many people I meet ask, “What will happen if I do not have a will?” In short, the answer is that if you die intestate, without a will, the Surrogates Court or its equivalent (if you live outside of New York State) will make the decisions about your property, your investments and if you have young children and your spouse is deceased, the care of your children. The Court will follow your state's laws related to intestacy in determining how your estate is distributed.

If you wish to direct how your assets will be distributed, you should have a will.  You can leave all of your assets and belongings to one or more specific individuals, charities, or family members.  The first step is naming an executor. Typically, married individuals name their spouses; however, if your spouse is incapacitated or unable, or if you are single or widowed, you can name another individual you trust as your executor. The executor's responsibilities include collecting and organizing your financial papers, gathering your assets, paying any outstanding bills, selling your home if necessary, and answering relatives' questions and making sure that your wishes are fulfilled.  

If you have any questions, please feel free to contact me:

Robert Maher

Law Office of Robert J. Maher, P.C.

52 Duane Street, 7th Floor

New York, NY 10007

212-939-7548

RMaherEsq@gmail.com

Do I need an Estate Plan?

The Wall Street Journal recently ran this interesting article regarding the importance of estate planning for people at different stages of life:

blogs.wsj.com/juggle/2011/10/18/get-an-estate-plan-now/?mod=wsj_share_linkedin&goback=%2Egde_1701677_member_77675248