A will is one of the basic documents that you will need for your estate planning. If you die without a will, New York State Intestacy laws will dictate the how your estate shall be distributed in addition to the method of making such a distribution.   This can have dramatic consequences.

A will allows you to make decisions on distributing your property following death. With a will you can:

• Name your beneficiaries, who will receive your property.
• Appoint a personal guardian to raise your minor children.
• Establish trusts, such as a child’s trust.
• Name an Executor.

The Executor

The Executor is the person who you decide to administer your estate and carry out the terms of the will. The Executor:

• Decides whether your estate needs to do through probate.
• Probates the will if necessary.
• For the year following death, takes care of all your property.
• Distributes all of your property.
• Pays all taxes.
• Is responsible for the accounting of the estate.

Why a Will is Important for Estate Planning

Even if you decide to distribute most of your estate through other vehicles, such establishing a living trust, it is still important to have a will. Why?

• If you acquire property shortly before death and fail to make changes to other portions of your estate plan, if you have will,  the beneficiary you choose will inherit the asset.
• Name someone to take care of your children under the age of 18.

You may need only a will if:

• You own only a small amount of  property.
• Your sole concern is to provide for your minor children.

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As we move on in life, there is an increased possibility that you may become incapacitated for some time.   This issue often becomes a problem for family members when confronted with continuing life-support and making important financial decisions. With a durable power of attorney, a living will and a durable power of attorney for health care, you can make sure that your wishes are granted without burdening your loved ones.

Financial Decisions:

• Durable Power of Attorney. This document allows you to name someone to take care of your finances if your are unable to. If you fail to draft a durable power of attorney, your relatives and friends will have to petition the court for the ability to have control over your finances.  If they do not agree about who has control of your finances, a pricey and protracted conservatorship proceeding may ensue.

Medical Decisions:

• Living Will. This document acts as a contract with the doctor who is taking care of you. It states your wishes about the type of health care you should receive if you are incapacitated.
• Durable Power of Attorney for Health Care. Here you will appoint someone to make your medical decisions if you are unable to do so. 
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One of the problems that you may encounter when buying a business in New York is understanding how to structure the purchase.  Basically, there are two ways that you can buy a company:

1. Asset Purchase;
2. Stock Purchase.

In most cases, you will be better off purchasing the assets. There are three big benefits to buying the assets and not purchasing the stock:

• Tax benefits. With an asset purchase, you can give different purchase prices among the various pieces of the company.  For example, certain equipment can be deducted immediately so you may want to assign a greater price for those assets.
• You can choose not to acquire liabilities of the business you wish to buy. Perhaps the company failed to pay a supplier for goods it ordered two years ago.  The statute of limitations on a breach of contract lawsuit is six years, so you could be hit with a lawsuit four years after buying the company.
• You don't have to buy every asset of the corporation. It could be in you best interest to buy only the profitable portions of the company.

Sometimes you are not given the choice of how a business sale could be structured.  Many business that are for sale require purchase of stock only for a variety of reasons. For example, the seller may believe that there are tax advantages for selling all the stock.  If you have to buy corporate stock, it is imperative to conduct a thorough investigation of the corporation's books and otherfinancial dealings.  You can insert warranties and indemnification clauses in the stock purchase agreement. You may also be able to purchase insurance.

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Once a family member or friend dies, the administration process of the estate begins.  Here are some basic questions that should be answered before going to your attorney’s office:

1. Provide the date of the will and check to see if there are any codicils to the will.
2. What state was the will drafted?
3. The names and addresses of executors and trustees.
4. Basic information regarding the birth and death of the person who died.  The person who died is called the decedent.
5. Provide birth and death certificates.
6. Review burial and funeral instructions.
7. Where did the decedent live?  For how long?
8. Provide a family tree of all family members.
9. Provide all addresses, telephone numbers, social security numbers, e-mail address for anyone who could possibly have an interest in the estate.
10. Information regarding the marriage, including date and place. If the deceased person was divorced, divorce papers and ex-spouse information.
11. Any known problems with the will?
12. Figure out if the family has any immediate needs.
13. Any employees? Find out their names and addresses.
14. Does the deceased person have any trusts?
15. The executors should make a list of all assets of the deceased person. The key here is to think expansively to include as much documentation as possible.  Some important assets include bank accounts, stocks, life insurance, social security, safe-deposit boxes, personal property, real estate.
16. The executors should also make a list of all liabilities.  This includes credit card debit, mortgages, loans and bills.

Follow this link for more on how I can help you with your estate planning  needs.

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