Questions
Frequently Asked Questions
Plain answers to the questions we hear most often about estate planning in New York. If yours isn't here, we're happy to talk it through on a complimentary call.
How much does estate planning cost?
Most of our work is offered at a flat fee, quoted during your complimentary call, so there are no surprises. Some updates or specialized work is done at an hourly rate. An engagement letter to clarify the scope of work and rate is standard practice.
Do I need a trust or just a will?
Some clients select a will-based plan, along with a power of attorney, health care proxy and other essential documents. Your will likely will contain testamentary trust planning for minor children or for tax planning purposes. A standalone revocable trust can make sense if you want to avoid probate of the will, own property in another state, have young children, or want more control over how assets are distributed. We’ll help you decide what fits your situation. Many clients start with simple wills and return to us for trusts when their assets become more complex.
What happens if I die without a will in New York?
New York law decides who inherits. If you have a spouse and children, your spouse receives the first $50,000 and half of the rest, and your children share the remainder. A court appoints someone to manage your estate, and if minor children lose both parents, a court chooses their guardian. A will lets you make these decisions yourself.
Can we meet virtually?
Yes. Most of our meetings take place by video, so you can plan from home anywhere in New York.
Do I have to come to Manhattan to sign?
It depends. New York currently requires wills to be signed in person with two witnesses, which we can arrange. Most new clients sign at our Wall Street office. For irrevocable trusts, updates and amendments to certain existing documents, we can provide instructions for independent execution.
How long does the process take?
What should I prepare before our first meeting?
How often should I update my estate plan?
Do both spouses need to attend?
What happens if I already have documents from another lawyer?
What estate planning does my 18-year-old need?
What is Probate exactly, and how do I avoid it?
Probate is the court-supervised process of validating a deceased person’s Will and authorizing an executor to administer their estate. In New York, probate can be time-consuming, expensive, and burdensome for loved ones, with court proceedings that become part of the public record. Fortunately, a properly funded revocable living trust can allow assets to pass to your beneficiaries without probate, saving time, reducing costs, and preserving privacy. Other strategies, including beneficiary designations, transfer-on-death accounts, and certain forms of joint ownership, can also help assets pass directly to loved ones without court involvement. With thoughtful estate planning, it is often possible to minimize or avoid probate entirely
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Now is the time to begin planning the future of your estate. Contact us to get started.