Why should I have a will?
Jack Weissman • May 25, 2022
There comes a time in every person’s life when they need to get serious about their estate plan. Writing a will is fundamental to ensuring your wishes are carried out after you die, whether they relate to the distribution of your property and assets or the care of your minor children.
Regardless of your age, medical history, and marital status, a will offers peace of mind and could save your loved ones from undue stress and expense. Let’s explore wills, what they are, and why they matter in more detail.
What is a will?
A will is a legal document that outlines what you wish to happen to your assets and young children following your death. If you do not have a will, there is no guarantee that these wishes will come to fruition. What’s more, your nearest and dearest may be burdened by the emotional and financial toll that comes with settling your affairs.
Wills are not all created equally, and some are more widely recognized and legally binding than others.
Who needs a will?
The short answer: every single person needs a will. It doesn’t matter if you don’t own property or investments; a will is still a vital legal document that benefits you and your family. If you are older, unwell, married, a parent, a property owner, or a business owner, writing a will is even more important.
It’s also essential to re-visit your will if your life circumstances change – if you have a child, inherit a property, or divorce your spouse, for example.
Why should I have a will?
Wills are not just for the wealthy or individuals with high-value assets. Everyone should have a will, including you. Here are some of the reasons why:
- You can decide who your assets are passed on to and how they are divided.
- You get peace of mind knowing your most valuable assets won’t end up in the wrong hands – an ex-partner you have separated from or an estranged family member, for example.
- You can choose who will care for your minor children. If you do not have a will, this decision will be left to the court.
- You protect your heirs from the lengthy and potentially complicated process of securing access to and transferring your assets.
- You can minimize estate tax through strategic estate planning. For example, you might donate to a charity.
Which type of will is best?
The best type of will is what’s known as a testamentary will. This is a written will and the most common type. You can create a testamentary will yourself; however, to ensure your wishes are carried out, have it prepared by an experienced estate planning attorney. Keep in mind, your will must be signed in the presence of witnesses.
Other types of wills include holographic wills, oral wills, pour-over wills, and mutual wills.
What can I include in my will?
Your will should include how you wish your belongings to be distributed. This includes things like the property you own, cash in your bank account, businesses, investments, and other higher-value or sentimental possessions.
A will can also include any charities, institutions, or organizations you would like to direct all or a portion of your assets toward.
Finally, a will should detail who you'd like to become the guardian of your young children if you die.
It’s worth noting that some of your assets are not covered by the instructions in your will. For example, you cannot nominate beneficiaries for your life insurance policy payout. Nor can you specify the distribution of investment accounts that have already assigned the ‘transfer on death’ option.
What happens to jointly owned property?
If you own property jointly with your spouse, you likely have a right of survivorship. This means that if one spouse passes away, the other receives full ownership of the property. The right of survivorship can also apply to joint ownership involving unrelated individuals.
If your spouse will obtain everything after you die without a probate proceeding, do you really need a will? Yes. You absolutely do, and here are three reasons why:
- Suppose you and your spouse die simultaneously. Without a will, your property may end up with someone other than your desired heir.
- While you might own your home jointly with your spouse, your other valuable possessions might be yours and yours alone. Even if you share everything with your partner, there is still the possibility of an unexpected windfall before your death.
- If you hold all of your property in joint tenancy, you may not be able to take full advantage of tax-saving estate planning strategies.
What happens if I die without a will?
If you die without a will (called intestate), the state will typically use a formula to determine the distribution of your assets. In most cases, half of your estate will go to your spouse or partner, and the other half will go to your children.
However, time- and energy-consuming complications can arise. For example, the state may mandate the sale of your family home or assets to ensure even distribution. Or, if your children are minors, representatives nominated by the state will protect their interests.
Dying without a will can result in higher taxes, too.
The bottom line: You need a will
To ensure the best possible scenario plays out after your death, you need a will. A will not only protects your property and assets, but it alleviates any burdens on your family members.
The good news is, preparing a will that clearly outlines your estate planning wishes doesn’t have to be difficult or stressful. With the help of a trusted and experienced estate planning attorney, you can safeguard your belongings and protect those nearest and dearest to you. Even better, in some cases, you can leverage estate planning approaches to save money.
If you would like help preparing your will, reach out to the friendly team at Law Office of Jack Weissman
today. We would be more than happy to help or to answer any questions.
When it comes to addressing the needs of a loved one who can no longer manage their affairs, the legal system can feel overwhelming. Conservatorships, while essential in protecting vulnerable individuals, involve intricate processes that often leave families with more questions than answers. At the Law Office of Jack Weissman, we understand how sensitive and emotionally charged these situations can be. Whether you're considering establishing a conservatorship or simply seeking to understand what it entails, our team is here to provide the guidance and clarity you need. This blog will unpack the essentials of conservatorships in New York, giving you the tools to make informed decisions confidently. What Is a Conservatorship? A conservatorship is a legal arrangement in which a court appoints an individual, known as the conservator, to manage the personal and/or financial affairs of someone unable to do so themselves (the conservatee). In New York, conservatorships are often used to protect elderly individuals or those facing significant physical or mental health challenges. There are two primary types of conservatorships: Personal Conservatorship: Focuses on managing non-financial matters, such as healthcare, housing, and daily living needs. Financial Conservatorship: Involves overseeing assets, income, and financial obligations to ensure the conservatee’s resources are handled responsibly. The court tailors each conservatorship to the specific needs of the conservatee, balancing protection with their right to retain as much independence as possible. How to Establish a Conservatorship in New York The process of setting up a conservatorship involves several legal steps: Filing a Petition: This legal document outlines the reasons for requesting a conservatorship and includes medical evaluations demonstrating the individual’s incapacity. Court Hearings: The court reviews evidence and hears from interested parties, including family members who may support or contest the petition. Appointment of a Conservator: If approved, the court appoints a conservator and issues an order outlining their responsibilities. Given the legal complexities and potential family dynamics involved, working with experienced attorneys—like those at the Law Office of Jack Weissman—is crucial to handling this process efficiently and effectively. Responsibilities of a Conservator Becoming a conservator is a significant commitment. Depending on the type of conservatorship, duties may include: Personal Affairs: Arranging medical care, managing living situations, and facilitating social interactions. Financial Matters: Paying bills, managing investments, safeguarding assets, and preparing detailed financial reports for the court. Conservators are legally obligated to act in the best interest of the conservatee and adhere to strict court oversight. Mismanagement can result in serious legal consequences, including removal from the role. Rights Under a Conservatorship It’s essential to understand that a conservatorship doesn’t strip away all rights from the conservatee. Courts aim to preserve as much autonomy as possible. For example, someone may retain control over personal relationships while needing assistance with financial decisions. Each case is evaluated individually to ensure the arrangement meets the conservatee’s unique needs without being overly restrictive. Conservatorships can be a lifeline for families seeking to protect their loved ones, but the process requires thoughtful consideration and proper legal support. At the Law Office of Jack Weissman, we are committed to helping families through these legal challenges with care and confidence. Whether you’re exploring the possibility of a conservatorship or seeking alternatives, our team is here to provide compassionate support every step of the way. Contact us today to learn more about your options and ensure your loved ones receive the care and protection they deserve.
The legal requirements of real estate can be daunting when it comes to understanding deed transfers. For property owners in Brooklyn, this process is an integral part of real estate transactions that requires careful attention to detail and a clear understanding of legal implications. Knowing how deed transfers work will ensure you maintain your rights and responsibilities, whether buying or selling property. In this guide prepared by the Law Office of Jack Weissman, we demystify the complexities surrounding deed transfers in Brooklyn to help you make informed decisions.  1. What Is a Deed Transfer? A deed transfer is essentially the process of transferring ownership or interest in property from one party to another. In Brooklyn, as elsewhere in New York City, this involves a series of legal steps that must be meticulously followed to ensure validity and legality. The deed itself is a legal document that includes details about the property owner (grantor), the person receiving the ownership (grantee), and a description of the property being transferred. Common types of deeds used in Brooklyn include quitclaim deeds, warranty deeds, and bargain-and-sale deeds—each with its own set of implications regarding guarantees and liabilities. 2. Reasons for Deed Transfers There are numerous reasons why a property owner might need to execute a deed transfer. These can range from selling or purchasing real estate and changing ownership due to marriage or divorce to gifting property within families or setting up trusts for estate planning purposes. Each scenario requires different documentation and levels of oversight depending on whether there are existing mortgages or liens on the property or if it involves multiple owners. 3. The Legal Process Explained The process begins with drafting the correct type of deed for your situation—a critical step where professional guidance can be invaluable. Once drafted, both parties must sign the document before a notary public; this ensures that all signatures are authentic and legally binding. After notarization, the deed needs to be submitted for recording at the Kings County Clerk’s office in Downtown Brooklyn along with any required fees and accompanying forms such as RP-5217 form used for tax purposes. Recording makes your ownership official in public records. 4. Potential Challenges and Pitfalls Although seemingly straightforward, several challenges can arise during a deed transfer which could lead to disputes or even invalidate the transaction if not properly handled. Possible issues include incorrect descriptions of property boundaries leading to disputes with neighbors over land use; unresolved liens or claims against previous owners; failure to secure necessary permissions from lenders when mortgaged properties are involved; or even clerical errors during recording at county offices, which require correction. 5. Why Professional Guidance Matters Given these potential pitfalls—and their often costly implications—it is highly advisable for Brooklyn property owners contemplating any form of deed transfer to seek professional legal assistance early in their planning process. At the Law Office of Jack Weissman, our team specializes in navigating New York's intricate real estate laws, ensuring our clients' transactions proceed smoothly without unnecessary delays or complications while safeguarding their interests every step along the way. Understanding how deed transfers work is crucial for anyone involved in owning real estate within a bustling borough like Brooklyn, where market conditions change rapidly. Still, regulations remain stringent, ensuring transparency and fairness across the board among stakeholders involved in each transaction. As seasoned investors and first-time homebuyers benefit greatly, knowledge clarity gives them the confidence to manage properties successfully. If you’re considering making changes to your property's ownership structure, don’t hesitate to reach out to us.
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Medicaid planning is crucial for ensuring that you or your loved ones receive the necessary long-term care without depleting your assets. This blog post from the Law Office of Jack Weissman explains the importance of hiring a Medicaid planning attorney in New York. Learn about the complexities of Medicaid, the benefits of professional legal assistance, and how our firm can help you navigate the planning process effectively.
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As we age, it's important to plan for the future and ensure that our wishes are carried out. This is where an elder law planning attorney can be incredibly helpful. In New York, there are specific laws and regulations that govern issues related to aging, healthcare, and estate planning. By working with an elder law planning attorney, you can navigate these complex legal matters with ease and ensure that your loved ones are taken care of in the future. One of the key roles of an elder law planning attorney is to help individuals create a comprehensive estate plan. This includes drafting wills, trusts, and powers of attorney to ensure that your assets are distributed according to your wishes. An experienced attorney can help you navigate the complexities of estate planning and make sure that your loved ones are provided for after you're gone. They can also assist with Medicaid planning to help protect your assets in the event that long-term care is needed. In addition to estate planning, an elder law planning attorney can also help with healthcare directives and guardianship issues. They can assist you in creating advance directives such as living wills and healthcare proxies to ensure that your medical wishes are respected if you become incapacitated. If guardianship becomes necessary due to cognitive decline or other health issues, an elder law planning attorney can guide you through the legal process and help appoint a suitable guardian. Another important aspect of working with an elder law planning attorney is protecting against financial exploitation and abuse. Unfortunately, older adults are often targeted by scammers and fraudsters looking to take advantage of their vulnerability. An attorney can help put safeguards in place to protect against financial exploitation and abuse, ensuring that your assets are safe from those who would seek to exploit them. Planning for the future is essential as we age, and working with an elder law planning attorney in New York can make this process much easier. From estate planning to healthcare directives to protecting against financial exploitation, an attorney plays a crucial role in helping older adults navigate legal issues related to aging. By consulting with the Law Office of Jack Weissman, you can have peace of mind knowing that your wishes will be carried out and your loved ones will be taken care of in the future.
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Planning for the future can be overwhelming, especially when you have a loved one with special needs. One crucial aspect of this planning is setting up a special needs trust to ensure your loved one's financial security and well-being. However, navigating the legal complexities of setting up a special needs trust can be daunting. That's where a specialized attorney comes in. In this blog post, we will discuss the importance of working with a special needs trust attorney in New York and how they can help you secure your loved one's future.  Understanding Special Needs Trusts: A special needs trust is designed to provide financial support for individuals with disabilities without jeopardizing their eligibility for government benefits such as Medicaid and Supplemental Security Income (SSI). These trusts are essential for ensuring that your loved one receives the care and support they need while still being able to access crucial government assistance programs. A special needs trust attorney in New York can help you understand the intricacies of these trusts and ensure that it is set up correctly to meet your loved one's specific needs. Legal Expertise: Setting up a special needs trust involves navigating complex legal regulations and requirements. A specialized attorney who has experience in handling special needs trusts in New York will be able to guide you through the process, ensuring that all legal documents are drafted correctly and that the trust is structured in a way that maximizes its benefits for your loved one. They will also stay updated on any changes in laws or regulations that could affect your loved one's trust, providing you with peace of mind knowing that their financial future is secure. Customized Planning: Every individual with special needs has unique circumstances and requirements, which is why it's essential to work with an attorney who understands how to tailor a special needs trust to meet those specific needs. A special needs trust attorney in New York will take the time to assess your loved one's situation, including their disability, medical care, living arrangements, and future goals, to create a personalized plan that ensures their long-term financial security. Advocacy and Support: In addition to assisting you with setting up a special needs trust, an attorney specializing in this area can also serve as an advocate for your loved one's rights and interests. They can help ensure that trustees fulfill their obligations properly, address any issues or disputes that may arise concerning the trust, and provide ongoing support and guidance as your loved one's circumstances change over time. Peace of Mind: Working with a special needs trust attorney in New York provides you with peace of mind knowing that your loved one's financial future is secure. By entrusting this important task to a knowledgeable professional, you can focus on enjoying quality time with your loved one while having confidence that they will be taken care of financially no matter what challenges may arise. Setting up a special needs trust for your loved one is a vital step towards securing their financial future and ensuring they receive the care they need throughout their lifetime. By working with an experienced special needs trust attorney in New York, you can navigate the complexities of these trusts with confidence and peace of mind. Don't hesitate to seek out professional legal guidance to protect your loved one's well-being today and for years to come.
Navigating the waters of Medicaid eligibility and benefits in New York can often seem like an overwhelming challenge. With the complexity of laws and the ever-changing regulations, it's easy for residents to find themselves lost in a sea of bureaucracy. However, with the guidance of a specialized Medicaid planning attorney, New Yorkers can chart a course towards securing their healthcare future.  For New York residents considering their long-term healthcare options, understanding Medicaid's nuances is crucial. Medicaid offers a vital safety net for many older adults and individuals with disabilities, but qualifying for it requires meticulous planning and foresight. Here lies the importance of consulting a Medicaid planning attorney—a professional who can provide invaluable assistance in preserving your assets while ensuring access to necessary healthcare services. The Labyrinth of Medicaid Eligibility To qualify for Medicaid, applicants must meet stringent income and asset guidelines. These restrictions often prompt individuals to mistakenly dispose of assets, jeopardizing their eligibility. A Medicaid planning attorney specializes in lawful strategies to protect your assets, such as the creation of irrevocable trusts, asset transfers, and converting countable assets into exempt ones. Their expertise shields you from making costly errors and ensures that you maintain the quality of care you deserve. Navigating the Application and Planning Process Filing a Medicaid application is an intricate process, laden with potential pitfalls. An attorney well-versed in Medicaid law can help you prepare and organize the required documentation, represent you during the application process, and advocate on your behalf should any issues arise. By relying on their experience, you'll avoid common mistakes that could delay or jeopardize your application. Protecting Your Family and Estate A Medicaid planning attorney doesn't solely focus on the individual; they work to safeguard the family's financial well-being. Through proper planning, spouses and heirs can preserve their inheritance while the applicant receives essential healthcare services. The attorney's role encompasses advising on spousal impoverishment rules and guiding families on the impact of Medicaid on estate recovery. In the face of convoluted Medicaid policies, New York residents would be well-served to seek the advice of a Medicaid planning attorney. These legal advocates are equipped to navigate the intricacies of Medicaid regulations, offering peace of mind that your assets are protected, and your healthcare needs are met. Indeed, their guidance could be the difference between losing a lifetime of savings to healthcare costs and enjoying a secure future. If you're looking to protect your healthcare rights and financial legacy, turning to a seasoned Medicaid planning attorney is a wise and important step in your journey. Now is the time to take action and secure your future. New York's Medicaid landscape is complex, but with the right attorney by your side, you can rest assured that your healthcare and estate are in capable hands. Don't wait until it's too late—start your Medicaid planning today.
One of the biggest challenges of getting older is the rising costs of healthcare. Millions of Americans rely on Medicaid, the government-funded healthcare program for low-income individuals and families, to cover the majority of their medical expenses. But, did you know you can also protect your assets through careful Medicaid planning? With proper planning, you can secure financial stability for yourself and your family while also ensuring that you receive the quality healthcare you deserve. In this blog post, we will discuss the basics of Medicaid planning in New York and how it can help you protect your assets.  1. Understand the Basics of Medicaid Planning Medicaid is a joint federal and state program that provides healthcare coverage for low-income individuals and families, including older adults. However, Medicaid eligibility is based not only on income but also on assets. In New York, for example, the eligibility threshold for Medicaid is $15,900 in assets for a single person and $23,400 for a married couple. To qualify for Medicaid benefits, you must meet both the income and asset requirements. Medicaid planning is a legal strategy that helps you qualify for Medicaid while protecting your assets from being counted against you. This can be achieved through a variety of methods, including creating trusts, gifting assets, or transferring assets to a spouse. It's important to note that Medicaid planning must be done strategically and in compliance with state and federal laws to avoid penalties or disqualification from Medicaid. 2. Plan Ahead for Long-Term Care Long-term care is a significant expense that can quickly deplete your assets if you don't plan ahead. Medicaid covers long-term care costs, such as nursing home care, but only if you meet the eligibility requirements. With proper Medicaid planning, you can protect your assets and prepare for these expenses. For example, you could set up a trust to hold your assets for your benefit while still qualifying for Medicaid. This can help ensure that your assets are used for your long-term care needs without being depleted. 3. Consult with an Attorney Medicaid planning is a complex legal process that requires careful attention to detail and an understanding of federal and state laws. It's essential to consult with an experienced Medicaid planning attorney who can guide you through the process and help you make informed decisions about protecting your assets. Medicaid planning attorneys can provide invaluable advice and support, from identifying which planning strategies are right for your situation to ensuring compliance with Medicaid laws and regulations. 4. Don't Wait too Long Medicaid planning is most effective when done well in advance, before a crisis occurs. As you age, the likelihood of needing long-term care increases, and waiting too long to start Medicaid planning can limit your options and lead to financial hardship. Ideally, you should start planning for Medicaid at least five years in advance. However, if you haven't done any planning, it's never too late to start. Even if you are already in a nursing home, an experienced Medicaid planning attorney can assist you by developing a crisis plan to protect your assets. In New York, Medicaid planning can help you protect your assets while ensuring that you receive the quality healthcare you deserve. Understanding the basics of Medicaid planning, planning ahead for long-term care, consulting with an attorney, and not waiting too long are all essential steps to protect your assets. With the help of an experienced Medicaid planning attorney, you can develop a plan that meets your needs and safeguards your financial future. Don't wait until it's too late – start planning for Medicaid today.
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