There are a great number of issues involved when planning for and preparing for the administration of a person’s estate, an estate planning lawyer on Long Island is the person who takes responsibility for these tasks. The most frequently performed function of the estate planning lawyer is drafting the last will and testament for a client. While drafting the will the lawyer will also advise the client on the tax implications of the disposition of property. It may be necessary for the estate planning lawyer to establish trusts that are appropriate for the client’s wishes and lastly, there are times when the lawyer is appointed as the administrator of the estate upon the death of the client.
Regardless of the jurisdiction there are a number of complicated issues in play when a will is being drafted, the process is far more complicated than one might think. There is specific language that must be used when appropriate and employing an estate planning lawyer on Long Island is usually the best solution. If the individual wishes to ensure that his or her assets and possessions are distributed they way they want then the will must be air tight and all procedures must be followed. If there are any issues with the preparation with the will the property may not end up being distributed in accordance with the wishes of the deceased.
Again, depending on the jurisdiction there may be unique tax implications that affect the distribution of the property. In some jurisdictions there are very heavy estate taxes that must be taken off the top and given to the government. In places that have these penalizing taxes the estate lawyer can dispose of the assets and property in such a way so that the tax impact is minimized.
If a person wishes to ensure that his or her grandchildren will be in a position to have a complete college education for example, the individual writing the will can have the lawyer set up a testamentary trust, the trust is financed upon the death of the individual writing the will. This type of trust can be set up so that upon graduation from high school, which is free education, that the trust funds are used for college tuition.
Upon the death of anyone there will be an executor of the estate. The executor that is named will look after administering the will. The will names the executor, often the estate planning lawyer on Long Island and the fees to be paid to the executor from the estate.
Individuals who amass funds during their lifetime look forward to transferring the assets to their family members. If you wish to discuss your estate then you will need an estate planning lawyer on Long Island, you are invited to discuss these matters with Jaspan Schlesinger Attorneys. They provide quality legal services in virtually every area of practice.