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Are you looking to draft a WILL or
to form a TRUST?

The Law Offices of George L. Karavias, P.C. have provided skilled, aggressive and personal legal services to residents of Nassau and Suffolk counties on Long Island, Manhattan, Queens, Brooklyn and the Bronx for over a decade.  We have helped clients at all economic levels to develop strategies that provide for their own and their family's economic future. By developing effective Wills, Trusts and other planning tools, you can ensure that your family, property, and even business are protected.

From the simple Will to the Revocable Living Trust, Estate Planning lays the legal foundation for the passing of your assets, and the method and timing of their distribution. Because Estate Planning is subject to changing state and federal laws, it makes sense to seek help from a knowledgeable legal professional. The Law Offices of George L. Karavias, P.C. can help you with:

• Wills to specify the beneficiaries of your Estate and methods of asset distribution
• Probate, the legal proceeding through which most assets must pass after death
• Trusts to transfer assets to another person who will manage them according to your wishes
• Durable Power of Attorney to direct the control of finances and other acts on your behalf
• Advance Health Care Directives to enable your appointee to make health care decisions if you are unable
• Living Wills allow you to specify the types of life prolonging treatment you want or do not want if you become terminally ill

Why Prepare a Will?

Most people know that a Will lets them determine who will receive their property when they die.  Despite this significant benefit, relatively few people have Wills.

If you die without a Will, your property will be distributed according to state law.  It may not be distributed the way you want, since it is distributed without considering the needs or circumstances of recipients.  A Will can do more than just determine how property is distributed upon death.  It can name an executor.  The executor will oversee your estate's financial affairs during "probate," including making sure your debts are paid and that your property is distributed as stated in your will.  Without a will, a judge chooses your executor.  A Will can also set up a trust, which can help save taxes.  Thus, for people with substantial assets, a Will can be a cost-saving tool.

For married couples with young children, Wills are essential.  Each spouse should have a Will in order to select a guardian for the children in case both parents die.  The guardian will raise the children and manage their money.  Without a Will, the critical decision of who will be your children's guardian will be left to a judge.

When to Update Your Will?

It is a good idea to review your Will every two to three years to make sure that it is up-to-date with your current family circumstances and tax laws.  In addition, it is especially important to review and update your Will when:

• There is a birth or death in your family
• Your financial situation changes significantly
• You want to name a new guardian or executor
• You want to change how your property will be distributed
• You marry or divorce
• You move to a new state

How to Make Changes to Your Will?

There are specific procedures for changing a Will. So if you want to make a change, do not simply cross out the part you want to delete and write in your changes.  Your changes may not be honored, and you could even void the entire Will.  To make a valid change to your Will, you must properly make a new Will or add a "codicil," which is an amendment to your Will.

How Does Probate Work?

Many people who hear the word "Probate" conjure up images of the long and complicated process that takes place when someone dies.  Although traditional Probate procedures have tended to be lengthy and complex, most people shouldn't have too much difficulty serving as the personal representative of an Estate (called the "Executor" if a person dies with a Will or "Administrator" if the person dies without a Will).

Opening the Estate:  You begin the probate process by submitting the Will (if any) to the Probate Court in the decedent's county and notifying relatives, heirs and creditors of the death.  The court will issue you documents authorizing you to act on the estate's behalf.

Investigating the Estate:  You next must locate all the property, determine its value, collect money owed the estate, and pay debts.  Professional appraisals may be needed for some items.

Paying Taxes:  You are responsible for estate and inheritance taxes and for the decedent's final federal and state income tax returns.

Distributing the Estate:  You can't distribute property to heirs until you have receipts showing that all taxes have been paid and you have filed an accounting with the court.  There is a waiting period during which people can object to what you've done, but sometimes this comes after you've distributed the property.  In any case, once you've filed the accounting and distributed the property, and the waiting period has expired, the estate is "settled" and your responsibility ends.

Non-Probate Property:  Not all property goes through Probate. Non-Probate property is transferred automatically to another person.  One example of such property is property held in "joint tenancy."  It automatically goes to the surviving joint tenants.  Another example is life insurance.

Proper Planning Can Avoid Guardianships:  Some people have problems making decisions and handling their financial affairs as they get older.  The cause may be due to health problems (like Alzheimer's disease), or it may be due to something else.

A Health Care Power of Attorney:  This lets you appoint someone to make your medical decisions if you cannot make them yourself.  The decisions can cover a variety of medical matters, including consent for hospitalization.

A Living Will:  This document lets you specify the types of life prolonging treatment you want, or do not want, if you become terminally ill.  It's called a living will because it takes effect while you are still alive.

At the Law Offices of George L. Karavias, P.C. we recognize the deep trust that our clients place in us and work hard to preserve that trust. For over a decade we have provided the kind of quality service that causes our clients to keep coming back to us for all their legal needs and prompts them to recommend the Law Offices of George L. Karavias, P.C. to their family and friends. 

For more information about our firm or to schedule a FREE NO-OBLIGATION CONFIDENTIAL CONSULTATION, call the Law Offices of George L. Karavias, P.C. TOLL-FREE at 212-807-4938 / 631-754-1034 (all calls answered 24/7) or simply fill out the CONTACT US form. 

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