A will is a legal document by which a person expresses his or her wishes as to how his or her property is to be distributed at death, and names one or more persons, the executor, to manage the estate until its final distribution.
In 2014, a survey determined that 64% of Americans do not have a will. This is unfortunate, because the consequences of dying without one can be terrible. At best, your assets may not be distributed in the way you might have wished; at worst, you may wind up paying “death” or estate taxes to the federal and state governments, which might have been avoided entirely with some planning. Drafting a last will and testament makes sure that those you love are provided for, and, more importantly, that they are provided for in a manner consistent with your wishes.
In addition, even those who have a will should review it periodically as circumstances change. For example:
1. Has the size of your estate increases such that it is not protected by the federal or state estate tax exemption? Currently, both New York State and the federal government exclude from estate tax slightly more than $5,000,000.
2. Has your family increased or decreased in size by death, birth, adoption or marriage in a manner in which you existing will did not contemplate?
3. Are the trusted persons whom you designated as executor, guardian or trustee still available or desirable to fulfill those roles?
With more than 20 years of big city experience and small town service, the Law Office of Todd J. Krouner is well-equipped to handle most estate plans. A boutique law firm which prides itself on client service and commitment to excellence, our office provides a personal touch that can only be maintained by a small but dedicated staff. Our personal service is essential given that most people are not familiar with the judicial system and must rely on their lawyer to properly advise and represent them. We invite you to contact us at (914) 238-5800 or by e-mail at firstname.lastname@example.org.