• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Law Offices of Kobrick and Moccia

Long Island Estate Planning Attorneys

ESTATE, TRUST PLANNING &
ELDER LAW INFORMATION CENTER

Call Now: (800) 295.1917

  • Attend Our Free Webinars
  • Home
  • Our Firm
    • About Our Firm
    • Client Testimonials
    • Meet Our Team
  • Services
    • Blended Family Planning
    • Elder Law
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Guardianship
    • Medicaid Planning
    • Nursing Home Planning
  • Resources
    • Articles
    • Elder Law Resources
      • Commack Elder Law
      • Elder Law Reports
      • Harrison Elder Law
      • Hauppauge Elder Law
      • Rockville Centre Elder Law
      • White Plains Elder Law
    • Estate Planning Definitions
    • FREE Estate Planning Worksheet
    • FREE Seminars
    • Frequently Asked Questions
      • Elder Law
      • Estate Planning
      • Families Without an Estate Plan
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Is My Estate Plan Outdated?
    • Legacy Wealth Planning Consultation Form
    • Medicaid Resources
    • Probate Resources
      • Harrison Probate
      • Hauppauge Probate
      • Long Island Probate
    • Probate Checklist
    • Special Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
    • Top Estate Planning Techniques
  • Communities We Serve
    • Nassau County
      • Garden City
      • Lynbrook
      • Malverne
      • Rockville Centre
    • Suffolk County
      • Commack
      • Dix Hills
      • Hauppauge
      • Nesconset
      • Smithtown
    • Westchester County
      • Harrison
      • Mamaroneck
      • Rye Brook
      • White Plains
  • Webinars
  • BLOG
  • Reviews
    • Our Reviews
    • Review Us
  • Contact Us
Home » Wills and Trusts » What You Don’t Know about New York Wills and Trusts Law Could Hurt You

What You Don’t Know about New York Wills and Trusts Law Could Hurt You

October 10, 2016 by Anthony Moccia

New York Wills and Trusts LawLike most people, you likely understand how important it is to have an estate plan in place. Despite knowing how important it is to have an estate plan in place, you may have yet to create a plan. If so, you are hardly alone. Nearly half of all Americans do not have an estate plan in place. One mistake you do not want to make, however, is to cut corners when you finally do decide to create your estate plan because when it comes to your estate plan, what you don’t know about New York Wills and trusts law could hurt you. Using a “Do-It-Yourself” Last Will and Testament and/or Trust Agreement form that you find online, for example, could be worse than not having an estate plan in place at all due in large part to the fact that these DIY forms do not have the ability to give you legal advice. The lack of advice and knowledge could end up costing you and/or your loved ones a considerable amount of time and money that would not have been lost had you consulted with an experienced New York estate planning attorney.

The Importance of Having an Estate Plan in Place

You have likely been told by well-meaning friends and family that it is important to create an estate plan; however, you may not really understand why it is so important. Understanding why your estate plan is important will help provide the impetus you may need to learn more about the laws that apply to estate planning. Your estate plan is important because it can accomplish a number of important goals, including:

  • Distribute your estate assets after you are gone
  • Protect and grow your assets while you are alive
  • Provide for loved ones when you are gone
  • Plan for the possibility of your incapacity
  • Provide for a child with special needs
  • Ensure that you qualify for Medicaid as a senior to help cover the high cost of long-term care
  • Protect your interest in a small business
  • Help with retirement planning
  • Decrease your estate’s exposure to probate
  • Reduce your estate’s tax burden
  • Provide for the family pet when you are gone

Understanding New York Wills and Trusts Law

Most people think of a Last Will and Testament when they hear the term “estate planning.” Yes, a Will typically provides the foundation for an estate plan; however, a comprehensive estate plan usually includes additional documents, tools, and strategies aimed at achieving additional goals. A basic Will is essential to avoid dying intestate though because if you die intestate the New York laws of intestate succession will determine what happens to your estate assets. Do you know who would receive your estate assets if you die intestate? For example, are you aware that your spouse would receive more than half of your estate under those laws if you die leaving behind both a spouse and children?  Furthermore, did you know that the only opportunity you have to formally tell a judge who you would want to be your child’s Guardian in the event one is ever needed is found in your Last Will and Testament?

A comprehensive estate plan will likely include additional estate planning tools, such as a trust. Trusts have gained in popularity over the last several decades, due in large part to the numerous and varied goals that can be achieved using a trust. Although you may understand the basic concept of a trust, do you know any of the New York laws relating to trusts? For example, did you know that if the trust agreement is silent with regard to whether the trust is revocable or irrevocable, the law considers it to be an irrevocable trust? You could lose assets forever by creating a trust that you intended to be revocable, yet failed to specifically declare to be revocable.

These are but a few of the laws relating to New York Wills and trusts law that could completely derail your estate plan because of your failure to understand the laws. To avoid this possibility, be sure to work closely with an experienced New York estate planning attorney when you create your estate plan.

Contact Us

For more information, please download our FREE estate planning worksheet. If you have questions or concerns relating to New York Wills and trusts law,  contact the experienced estate planning attorneys at the Law Offices of Kobrick & Moccia by calling 800-295-1917 to schedule your appointment.

  • Author
  • Recent Posts
Anthony Moccia
Anthony Moccia
Anthony Moccia is an attorney and partner at The Law Offices of Kobrick & Moccia.His practice focuses on estate planning and elder law.He is a member of the New York State and Nassau County Bar Associations.He frequently presents free seminars on wills & living trusts to area residents and his seminars are said to be “informative, entertaining & easy to understand.”
Anthony Moccia
Latest posts by Anthony Moccia (see all)
  • “Last Will and Testament” Origin - April 1, 2021
  • Do I Need a “Durable” Power of Attorney? - April 2, 2020
  • Joint Tenancy Pros and Cons - March 31, 2020

Filed Under: Wills and Trusts

Other Articles You May Find Useful

Hauppauge trust attorneys
Using a Trust to Keep Your Affairs Private
Long Island living trust lawyers
Is a Living Trust Better than a Will?
Law Offices of Kobrick and Moccia
What Does A Trustee Do?
Law Offices of Kobrick and Moccia
Will and Living Will: What is the difference?
Pour over Will
Why Do You Need a Pour Over Will?
Law Offices of Kobrick and Moccia
How Are Trust Assets Invested?

Primary Sidebar

Law Offices of Kobrick and Moccia

Download our free estate planning worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

GARDEN CITY

1305 Franklin Avenue Suite 170
Garden City, NY 11530
United States (US)
Phone: (516) 248-9500
Fax: (516) 248-7606

HAUPPAUGE

150 Motor Parkway Suite 401 (Regus)
Hauppauge, NY 11788
United States (US)
Phone: (631) 941-3400
Fax: (516) 248-7606

HARRISON

600 Mamaroneck Avenue, 4th Floor
Harrison, NY 10528
United States (US)
Phone: (914) 701-0777
Fax: (516) 248-7606

MAP

kobrick_sidbr_map

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Footer

footer-logo
  • Facebook
  • LinkedIn
  • Twitter

The information on this Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Kobrick and Moccia, Attorneys at Law. Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

Law Offices of Kobrick and Moccia
Attorney Advertisement
© 2023 American Academy of Estate Planning Attorneys, Inc.