will my heirs receive their inheritances? · 2016-01-19 · will my heirs receive their...
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When Will My Heirs Receive Their Inheritances? www.myestateplan.com 1
“You should gain an understanding of the estate administration process when you are devising your estate
plan. There are certain tasks that must be completed to bring your final wishes to fruition, so there is a human
element that is an important part of the equation.”
WHEN WILL MY HEIRS
RECEIVE THEIR
INHERITANCES?
MARK S. EGHRARI NEW YORK ESTATE PLANNING ATTORNEY
When Will My Heirs Receive Their Inheritances? www.myestateplan.com 2
If you are like most people, you want your heirs to receive their inheritances in a
timely manner after you are gone. Though a last will can seem like the simplest
and most efficient asset transfer device to utilize, there is a time lag that will enter
the picture if you use a will as your vehicle of asset transfer.
After you die, the executor that you name in the document would be required to
admit the will to probate. Probate is a legal process, and in New York, it takes
place under the supervision of the Surrogate's Court.
This process is not an inherently negative, and the state of New York does
everything possible to do things in an efficient manner. At the same time, the
process is inherently time-consuming. Complicated cases can take longer, but a
When Will My Heirs Receive Their Inheritances? www.myestateplan.com 3
relatively straightforward case will be stalled in probate for around nine months
to a year.
The heirs do not receive anything while the estate is being probated, so this delay
can be an inconvenience at best, and at worst, it can cause genuine hardships.
REVOCABLE LIVING TRUSTS
People sometimes shy away from trusts because they are under the impression
that you surrender control of assets that you convey into any type of trust. They
are concerned that they may need resources that they would like to pass along to
their loved ones in a perfect world.
You do not surrender
control of assets that you
convey into a revocable
living trust, and you do
not have to be extremely
wealthy to realize the
benefits. With this type
of trust, you can act as
the trustee while you are
living, so you direct the
actions of the trust.
There is no loss of control on this level.
Once you create the trust, you can make changes along the way, and you can add
or subtract property at any time.
When Will My Heirs Receive Their Inheritances? www.myestateplan.com 4
In the trust declaration, you name a successor trustee to handle the business of
the estate after you are gone. Many people use a corporate trustee like a trust
company, but you could name someone that you know personally to act as the
successor trustee if you choose to do so.
You name beneficiaries who
will receive monetary
distributions from the trust
after your passing. One
benefit that you gain from the
creation of a living trust
would be the ability to
include spendthrift
protections. If you have
concerns about the money
management abilities of the beneficiaries, you could instruct the trustee to
distribute limited assets over an extended period of time.
After you are gone, the trustee would be able to distribute assets to the
beneficiaries in accordance with your wishes outside of probate. As a result, if
there is adequate liquidity, the beneficiaries could start to receive distributions
shortly after your passing.
When Will My Heirs Receive Their Inheritances? www.myestateplan.com 5
OTHER OPTIONS
There are other types of trusts that can satisfy more advanced estate planning
objectives. Plus, in addition to trusts and wills, there are other asset transfer
methods that some people utilize.
Exactly when your heirs receive their inheritances will depend upon the unique
structure of your estate plan.
When Will My Heirs Receive Their Inheritances? www.myestateplan.com 6
SUMMARY
In the field of estate planning, there are numerous different asset transfer
methods that can be utilized.
If you act in a fully informed manner, you can make sure that the estate
administration process goes smoothly after you pass away. Timely asset transfers
can be facilitated if this is a priority for you.
Since every situation is different, there is no one-size-fits-all estate plan. The plan
that is right for you will depend upon your family dynamic, your financial
situation, and your personal objectives.
Personalize planning is the key to a properly constructed estate plan. You should
explore all of your options with the benefit of professional guidance so that you
can make fully informed decisions.
Many estate planning attorneys will offer free, no obligation initial consultations.
When you are ready to take action, you can reach out to an estate planning
attorney and set the wheels in motion without making any firm commitments.
REFERENCES
American Bar Association http://www.americanbar.org/groups/real_property_trust_estate/resources/estate_planning/estate_planning_faq.html AARP http://www.aarp.org/money/estate-planning/
When Will My Heirs Receive Their Inheritances? www.myestateplan.com 7
About the Author
Mark S. Eghrari
Mark S. Eghrari is an attorney in private practice in Smithtown, New
York. He has been in practice since 1988. Mark S. Eghrari provides
extensive estate and tax planning services to individuals and
businesses. Mr. Eghrari’s primary focus is helping clients avoid
probate, minimize or eliminate Federal and State Estate taxes and
protect their assets from the high cost of nursing care, if they become
ill. Mr. Eghrari’s expertise is in providing unique and innovative
estate planning solutions that create a secure future for his clients and their loved ones. Mr.
Eghrari is a member of the American Bar Association and New York State Bar Association as
well as the National Academy of Elder Law Attorneys and the American Academy of Estate
Planning Attorneys.
Mr. Eghrari completed his undergraduate work at Lafayette College in Easton, Pennsylvania
and received his MBA in banking and finance from Hofstra University on Long Island. He
earned his Juris Doctorate from the Hofstra University School of Law, where he was a member
of the Law Review. While in law school, Mr. Eghrari gained practical experience in the
corporate tax department of Citicorp in New York city.
Mark S. Eghrari and Associates PLLC www.myestateplan.com 50 Karl Avenue, Suite 202 Smithtown, NY 11787 Phone: (631) 265-0599 Fax: (631) 265-0754
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