About Us

    Whenever we think about estate planning, most of us generally think
about a Will. Your Will is the primary way to control how your assets are
distributed after you die. Unless a particular asset is held jointly with
someone else (a bank account, a brokerage account, deed to realty) or the
asset has a designated beneficiary (life insurance, IRA, pension), it will pass
through your Will to the person or entity that you selected in your Will.
     If you die without a Will, your assets are distributed in a rigid order of
preference mandated by state law. If you die without a Will and you are
survived by your spouse and one or more children, the law will
automatically distribute the first $50,000 to your spouse and your spouse
and children will split the remainder. If you are survived only by your
parents, they will receive your entire net estate. If you are survived only by
your parents and your spouse, your spouse will get everything and your
parents will get nothing. If you are only survived by your siblings, they will
inherit your entire net estate.
     Even if this order of preference coincides with your own wishes, there
are many other reasons to have a Will. A Will enables you to designate a
guardian for your minor children in the event that you and your spouse die
simultaneously. In the absence of a designated guardian, a government
agency would select the person to raise your children.
In addition, you can name an executor in your Will to collect your assets,
liquidate them, pay debts and administration costs and distribute your
property. You also can name a trustee to manage various trusts that can
be included in your Will to cut estate taxes, to provide for the specialized
needs of a disabled family member, or to make charitable contributions.
Many people instinctively place their original Will in a safe deposit box.
However this can be a mistake in States such as New York that require safe
deposit boxes to be sealed upon the death of the renter. It is better to
leave the original Will in a secure but accessible location so it is quickly
available when needed.
     Once a Will is approved by the court, the named executor or executrix
will gather the assets and distribute them. He or she will earn a commission
for his/her services that ranges from 3% to 5% of the estate. The attorney
who probates the Will also will charge a fee based upon a percentage of
the estate, or on an hourly basis. Finally, the court itself will charge a fee to
probate the Will. However this fee is set by law at no more than $1,000,
and is often substantially less than that.
In recent years, the Living Trust has been promoted as a more efficient and
less costly alternative to the Will. When you die, assets held in a Living
Trust are distributed according to the directions you set forth in the trust.
Unlike a Will, a Living Trust does not have to be submitted to any court for
approval. Because it avoids this "probate process," distribution of the
assets is automatic and rapid.
     As family circumstances change, it is a good idea to review your Will
periodically to be sure that it still reflects your wishes. In the past,
amendments would be listed in a separate document called a “codicil” that
would be probated together with the original Will. In the current age of
instantaneous word processing, however, it is often cheaper and safer
simply to amend the Will rather than running
the risk that the probate court might accept the Will, but question or reject
the codicil.
     Newer Wills typically include a special affidavit that is completed by the
witnesses to the Will. In it, the witnesses swear that all of the proper
formalities were followed when you executed your Will. When the Will is
eventually probated, the court relies on these affidavits to verify that your
Will was properly executed, and does not require the actual testimony of
your witnesses.
     Older Wills often do not have these "self-proving affidavits." As a result,
the probate of older Wills may require the physical appearance of the
witnesses in court. If a great deal of time passes between executing the
Will and probating it, witnesses may have relocated or died themselves. If
your Will lacks a "self-proving affidavit," that factor alone does not
necessarily mean that you must update your Will. If you have other reasons
to update your Will such as a change in family circumstances or your
inheritance preferences, then the witnesses to your updated Will should
complete self-proving affidavits.