A. Absolutely! By executing a Last Will and Testament you designate the person or persons you want to inherit your assets, bank accounts, real property, etc. You also designate the person you want to be in charge of, the executor.
If you do not have a Last Will and Testament, then your assets will be divided in accordance with the Estates Powers and Trusts Law. For example, if a decedent is survived by a spouse and issue (children), then the spouse receives the first fifty thousand dollars and one-half of the residue to the spouse, and the balance thereof to the children, by representation. This is in stark contrast to many of the Last Will and Testaments we draft based on our client’s desires.
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Our FAQ
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Can a guardian sell the real property or cooperative of their ward?Yes, but they must seek Court permission according to the Real Property Proceedings Law. This tends to be a complicated process, and it is recommended that the guardian retain counsel to assist.
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Can a guardian make gifts without Court authorization?No, a guardian must seek permission from the Court to make any gifts of their ward's assets.
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What expenses can a guardian pay on behalf of their ward?Subject to the Order and Judgment appointing the guardian, a guardian may pay ordinary and necessary expenses. Such expenses include but are not limited to, reasonable payment of food, rent, utilities, telephone, ordinary monthly bills, medical co-pays, medical tests, clothing, cleaning supplies, property taxes, income taxes, properly employed homecare attendants, minor entertainment expenses such as the movies or museum admission. Significant expenses such as a car, home construction or similar, must be approved by the Court before a payment can be made.