Law Offices of Steven M. Adler, PLLC

Estates, Wills, and Trusts

(516) 570-3064

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Wills and Trusts

We encourage our clients of all ages to think about preparing a Will for after they've passed. Far from being a morbid exercise, a Will gives you the confidence that your wishes will be carried out as you desire.  Your Will controls the distribution of your probate estate. In your Will, you can also specify your funeral arrangements, how and when your property and assets should be disbursed, and what happens to anything you haven't mentioned. You can also name your executor, or the person who will be in charge of following your wishes. The failure to include a Will in your estate plan can result in distributions of your estate not in accordance with your wishes, the imposition of unnecessary estate taxes and increased and expensive estate administrative burdens.

A Living Will, however, expresses your wishes in no uncertain terms when you're unable to speak for yourself during an illness. You can stipulate whether or not to be resuscitated, who is to act as your representative in this decision, and includes the relevant language for hospitals and your doctor.

A Trust is a legal entity that can hold title to property for the benefit of one or more other persons or entities. The person who sets up the trust is called the Grantor. The person or entity that controls the Trust and is responsible for managing the Trust assets is called the Trustee. The Trustee holds the legal title, but not the full title, to the property that is in the Trust. This means that the Trustee can only use the assets and proceeds from the Trust property for the benefit of the Beneficiaries of the Trust, never for his or her own profit.

A Trust can be Inter Vivos or created during the Grantor's lifetime.  This means that the Trust comes into being and functions while the Grantor is still alive. On the other hand, a Testamentary Trust is set up by a Will and does not come into being or begin to function until after the death of the Grantor.

Trusts are also revocable or irrevocable. While a revocable Trust can be revoked and the Grantor can reclaim the Trust assets, an irrevocable Trust can not be revoked once it has been set up.

If you're looking for more information or advice on preparing a Will or Trust, please do not hesitate to contact our experienced and courteous attorneys. We're here to help.