Mullen and Iannarone, P.C.
Serving the legal needs of corporations, individuals and
families of Suffolk County since 1972

Planning for asset distribution after death in New York

When planning for the future of their assets, estate holders may want to consider speaking with their heirs. Speaking with children will allow the estate holder to get a feel for how their assets may be spent and managed. In addition, it will help them figure out the best way to leave property to beneficiaries.

Many people opt to leave assets to people through a will. While there is nothing wrong with this, it severely limits how property can be passed on and managed. As soon as the estate holder passes away, assets listed in their will are immediately distributed to heirs.

For greater control over how assets are distributed, people can set up trusts. Trusts can be designed to distribute assets over a period of time, based on certain conditions or as needed and determined by the trustee. A trustee controls and manages the trust and ensures that assets are doled out in accordance with the conditions of the trust.

Along with determining how assets will be handled once they pass on, estate planning can also help someone plan for issues related to how their money and health care will be handled while they're alive. With powers of attorney, people can name trusted individuals, or agents, to make choices for them when they are not able to. For instance, if the estate holder is mentally incapacitated, a power of attorney may allow an agent to put that person in an assisted living facility. A lawyer could assist a client by helping them understand what estate planning documents can accomplish.

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