Wills

The will is an important first step in planning for the distribution of your assets following your death.  Under New York law, if you die without a valid will, your property will be distributed to your closest relatives as follows:

• When you are survived by a Spouse and no children, the spouse receives 100%
• When you are survived by a spouse and children, the spouse receives the first $50,000. The  spouse gets 50% of the balance and the children receives the other 50%
• When there are children and no spouse, the children share in 100% of the estate
• When there is no spouse and no children, the parents share in 100% of the estate
• When there is no spouse, no children, and both parents are dead, the estate is shared among all living children of the parents

Trusts

A trust is simply a contract between the person making the trust and a trustee who manages the trust assets.  There are two major types of trusts – revocable and irrevocable trust. A revocable trust is in place as long as the grantor is still living. At any time, the grantor can “revoke” the trust and continue to make changes as long as he/she is still living.  On the other hand, an irrevocable trust is one that cannot be changed.

Probate & Estate Administration

Probate is the process whereby the Surrogate's Court declares that a Will is valid and that its terms are legally enforceable.  The will must be filed in the Surrogate's Court and notice of the proceeding must be given to any individual who would otherwise inherit if there was no will.  Once the will is probated and the executor is granted letters testamentary, the executor may then carry out his/her duties.  The executor must gather all estate assets, pay any debts owed by the decedent, reimburse any reasonable funeral expenses, pay any estate taxes due, and distribute the remaining assets in accordance with the will.

Administration is the process whereby the estate of a decedent is disposed of when there is no will.  The first step is to have an administrator appointed.

Divorce

In order to file for a divorce in New York State you must have a legally acceptable reason. The legally acceptable reasons, or grounds for divorce are: (1) cruel and inhuman treatment; (2) abandonment; (3) imprisonment; (4) adultery; (5) living separate and apart pursuant to a separation judgment or decree; (6) living separate and apart pursuant to a separation agreement; and (7) the irretrievably breakdown of the marital relationship for a period of at least 6 months.

Child Support

Child support is usually paid by the non-custodial parent. The basic child support obligation is calculated by multiplying the combined parental income by the child support percentage,

a) 17% for one child;
b) 25% for two children;
c) 29% for three children;
d) 31% for four children; and
e) no less than 35% for five or more children.