Staten Island Estate Planning Lawyer

Creating a comprehensive estate plan is crucial to ensure your assets are distributed according to your wishes, minimizing hardship and taxes for your family. Our law firm advises executors, administrators, and trustees on administering estates effectively. Whether you need help preparing your estate or overseeing one, the estate attorneys of DiVernieri, DiVernieri and Cotter, LLP are here to assist you in the best way possible.

Estate Planning: Why You Need A Last Will and Testament

A last will and testament, commonly called a will, is the foundation of sound estate planning. It gives detailed instructions to the executor on how to handle your estate after you die, including managing debts and expenses. A comprehensive will is customized for your unique situation. It can also be used to leave assets to a charity, appoint a guardian for minor children, and decide when children should receive their inheritance. Each person's estate is different, and a personalized will ensures your wishes are carried out accordingly.

How A Trust Can Protect Your Family

A trust can be a more suitable option for certain clients seeking to achieve their estate planning goals. It is a legal tool in which an individual, the trustee, manages and distributes assets for the benefit of another party, the beneficiary, as per the trust agreement. Our law firm is experienced in drafting various trusts, including:

• Revocable living trust: used to manage assets during the grantor's lifetime and distribute property after their death. The grantor can make changes during their lifetime, and it can help avoid probate expenses.
• Irrevocable trust: this type of trust cannot be changed or terminated after it is created and can offer benefits such as estate tax savings or helping someone who is not financially responsible.
• Testamentary trust: created through the last will and testament and can be used to provide for minor children.
• Special needs trust: used to provide financial support for a person with a disability without jeopardizing their eligibility for public programs.
• Charitable trust: established to benefit a charitable organization, and in some types, the grantor can use the funds during their life.

Our attorneys can advise on which type of trust is right for you and explain the advantages and disadvantages of each. We can also assist with other types of trusts depending on your unique needs.

Other Estate Planning Services We Provide

In addition to estate planning tools like wills and trusts, our firm offers a range of other important services to help you meet your financial, healthcare, and other goals. These services include:

Creating a living will that outlines your preferences for end-of-life medical care

Drafting a health care power of attorney that designates someone to make medical decisions on your behalf if you are unable to do so

Drafting a durable power of attorney that grants someone the authority to manage your financial and business affairs if you are incapacitated or incompetent

Working to preserve as much of your assets and property as possible for your loved ones after you pass away

Minimizing the costs of probate, estate taxes, and other expenses that could reduce the value of your estate and impact your family's financial security.

Our experienced estate planning attorneys can help you navigate the complexities of these and other issues, and develop a comprehensive plan tailored to your unique circumstances and needs. Contact us today to learn more about how we can assist you.

Assisting Executors And Trustees With Their Estate Administration Duties

Administering an estate or trust can be a complex process. If you have been named as an executor or trustee, or if the court has appointed you to administer an estate, our firm can assist you in navigating the rules and procedures that need to be followed.

For executors and administrators, our firm offers assistance with the following:

• Gathering all necessary legal or financial paperwork, including the death certificate.
• Admitting the will to probate and obtaining the letters testamentary that enable you to manage the estate.
• Collecting, valuing, and completing a proper inventory of the estate's assets.
• Paying the estate's debts and dealing with third-party creditors.
• Distributing assets to the estate's beneficiaries in accordance with the terms of the will or the laws of New York, if there is no will.

Our firm also works with trustees to ensure that the trusts under their supervision are managed properly for the beneficiaries. Some of the specific duties we can help trustees with include:

• Ensuring that the trustee understands the terms of the trust and their responsibilities as a trustee.
• Handling the accounting, valuation, and record-keeping requirements for the trust assets they oversee.
• Distributing assets to the trust beneficiaries in accordance with the terms of the trust.
• Assisting with trust modification, if needed, which requires court approval.

Contact Our Staten Island Estate Planning And Administration Attorney

Estate planning may seem daunting, but it is an essential part of securing your and your family's future. Similarly, administering an estate or trust is a significant responsibility that should not be taken lightly. Whether you're in the process of planning or managing an estate, our skilled legal team is available to assist you. Don't hesitate to contact DiVernieri, DiVernieri and Cotter, LLP to schedule your initial consultation.