Long Island Wills Lawyer

Your Long Island wills lawyer can be a valuable resource when you are planning your estate. A last will and testament is not simply needed by those who have many assets. A will can make sure that your final wishes are carried out as you intended, and that your heirs each receive what you want them to have. Dying without a will is referred to as “dying intestate”, and to die intestate means that you allow the laws of the state of New York to divvy up your estate according to intestacy laws. New York’s intestacy law is somewhat complicated and complex, but it basically handles your state in the following manner:

• Decedent leaves behind only a spouse – spouse takes everything in the decedent’s estate.
• Decedent leaves behind a spouse and one or more children - the spouse will receive $50,000 plus one half of the balance of the estate; the children of the decedent will share the remainder of the estate equally. Should a child die before the decedent, and leaves behind children of his or her own, the grandchildren of the decedent shall inherit the share of the deceased parent.
• Decedent leaves behind no spouse, no children, and no grandchildren – the parents of the decedent would inherit the entire estate. Next in line would be brothers or sisters, followed by aunts and uncles, and then cousins. In the rare even that no family member has survived, the decedent’s state would go to the state of New York.

Benefits of Having a Will in Place

Even if you are young and in good health, a will is important for many reasons! Your will outlines what you wish to have done with your estate when you pass away, and who you wish to care for your minor children. Your Long Island wills lawyer is experienced in estate planning and can advise you about the best way to structure your will and your estate in order to reduce the amount of so-called death taxes or estate taxes that your heirs are left with paying from your estate’s bulk. Under New York law, there is no tax on gifts under one million dollar. The federal government’s share of the estate tax allows (currently, although it is being repealed) for up to $3.5 million to pass through to your heirs tax free. On large estates, the federal estate tax can be quite exorbitant, allowing Uncle Sam to dip into your estate and take as much as forty-five percent of it away from your heirs. Long Island Law and his legal team at LI-Lawyers.Com can help you determine the best way to prepare your will and your estate in the event of your death, oftentimes through the creation of a trust. Call your Long Island wills lawyer now to discuss the options that you have.