A Trusted Estate Law Firm
The Law Office of Phil Napolitano is a New York law firm handling wills, trusts, and probate and estate administration. From law offices in the Bronx, attorney Phil Napolitano represents clients throughout the New York boroughs and beyond. Our firm has experience guiding clients through all aspects of estate planning, including wills and trusts and the estate probate and administration process.
Understanding Estate Planning And Administration
The goal of an estate planning strategy is to make sure your wishes are carried out when you die. This includes making health care decisions, distributing your property and money, caring for your children and more.
On the other side of the equation, the probate and estate administration process can be intimidating, complex and confusing to handle alone. All tasks in an administration must be completed properly and according to New York statutes.
Many of our clients are administering the estate of a loved one. In addition to the emotional toll of the loved one’s death, clients feel added stress associated with fulfilling their fiduciary duties. We focus on our clients’ needs, leading them through each step until the estate is successfully administered.
Wills That Work
The most common and basic element of an estate plan is a will. A will can be short and basic, or long and complex, depending on each person’s asset portfolio and specific wishes. Wills can serve various purposes and are not just for people with wealth or property. In a will, you can set forth your wishes regarding funeral arrangements and name a guardian who will be responsible for the care of your minor children in the event of your death. More and more people are also using wills to ensure proper care of their beloved pets.
Trusts And Trust Administration
A trust is another important estate planning tool. Trusts are legal arrangements that allow for one person, a trustee, to hold property for another, the beneficiary. Property placed in a trust does not go through the probate process. Instead, the trustee will be in charge of paying debts and distributing property outside of the court process. This can be more efficient and cost-effective than passing on assets through the probate court.
In New York, when someone dies without a will, the death is said to be intestate. In this case, the court will appoint an administrator to handle the estate – identifying heirs, distributing assets and paying creditors. If you are appointed as the administrator, it is your responsibility to see that these tasks are carried out. You will have a fiduciary duty to any beneficiaries and can be held liable if procedures are not followed.
Whether you were appointed as an executor or trustee, or have been appointed by the court in an intestate situation, if you have questions about the administration of a loved one’s estate or have concerns about your personal liability as an administrator, the Law Office of Phil Napolitano is your source of legal advice.
For Guidance While Drafting A Will Or Settling An Estate, Contact Us
Se habla español. We have a large Spanish-speaking clientele and bilingual staff on hand.