Be Prepared
Things you should know before your first visit with your attorney

Frequently Asked Questions: Wills Trusts and Estates

Do I need a will?
Probably. Without a will, a court will determine guardianship of your children in case the other parent dies or is found to be unfit. And in a will you can specify care for a disabled child or beneficiary.

A will helps to ensure that your property will be left to those you designate. Without a will, the state will determine what happens to your property when you die. There are exceptions for certain assets which are jointly owned or for bank accounts and other assets if you have designated a beneficiary.

An estate plan, which includes a will, can also help reduce the estate taxes on your property when you die in the event that you have substantial assets.

At what age should I have a will?
If you have assets in your own name and want to designate a beneficiary for those assets, you should have a will, no matter what your age. If you have children, you should have a will to designate a guardian for your children.

When should I change my will?
Your will should be changed when there are major changes in your circumstances, such as marriage, the birth of a child, or the birth or death of other beneficiaries.

What is probate?
Probate is the process by which a will is proved in court and the executor for the estate is appointed. Depending upon the circumstances, it can be a long and costly process. A lawyer can advise you on ways to avoid probate.

Who should I name as an executor?
An executor is the person(s) or entity you name in your will who will administer your property after your death. The executor you choose should be someone you trust and, preferably, someone who is familiar with your financial affairs. Often, the person is a beneficiary of a substantial portion of your assets under your will.

Why shouldn’t I name my attorney as my executor?
Generally, it is not a good idea to name the attorney who prepared your will as your executor. An executor is entitled to fees from the estate. Thus, naming the attorney who prepares your will as the executor of your estate may be a conflict of interest for the attorney and can reduce the amount of assets available to your beneficiaries.

What is a durable power of attorney?
A durable power of attorney is the document where you designate who will handle your financial affairs in the event that you become incapacitated or are otherwise unable to make such decisions for yourself.

What is a healthcare proxy?
A health care proxy appoints someone to make healthcare decisions (including withdrawal of life support) in the event that you are not able to make them yourself.

Checklists
Drafting a Will
To properly advise you and draft your will, your attorney will need to know your assets and how they are owned. In addition, you should inform your attorney of your desired beneficiaries. The following checklist should help assist you when you meet with your attorney to prepare your will.

Frequently Asked Questions: Real Estate

Should I sign a binder?
No. A binder may be a contract, and it is generally not reviewed by an attorney. Because the purchase or sale of real estate is a major transaction in a person’s life, the sale of your real property should be reflected in a real estate contract that is reviewed by an attorney. Otherwise, you can waive certain rights without knowing it.

Checklist for Sellers of Cooperative Apartments
Since owning a cooperative apartment is ownership of shares of stock, the following documents should be available when selling a cooperative apartment: