Lite & Russell handles and maintains concentration in Estate Planning and Administration.

As an overview- this area of law may be segregated into two (2) separate areas, Estate Planning and Administration.

1. Estate Planning. It is recommended that all people consider having a free consultation to discuss their estate plan or review an existing plan. Regardless, or your age, status and personal wealth, everyone should consider a few basic estate planning tool(s) and or document(s).

Last Will and Testament. Generally referred to as a will. A will is a written document that addresses many issues and considerations. Primarily, a will should provide the disposition of your property and assets upon your death. It will also designate who will be in charge of your estate to insure that your directives are carried out. We call that person your Executor (male) and/or Executrix (female). The will should also designate the person who will take care and custody of your minor children if both parents or natural guardians expire; that person is referred to as the guardian. You may also designate a person to handle your children’s finances if both parents are deceased, namely a trustee and at what ages or in what intervals moneys and property(s) should be released to child/children. Your will is an important document, some say the corner stone to your estate plan. The will can be tailored to your needs and concerns. It is generally suggested that you meet with one of the members of the firm to discuss your personal situation and intentions so that we may confer, and suggest and tailor a document to address all of your concerns.

In addition to the Last Will and Testament, we generally recommend three (3) additional documents a Durable Power of Attorney, a Health Care Proxy and a Living Will.

A Power of Attorney is a document in which a person designates another person or persons to act on that person’s behalf in the event the appointing person is incapable of acting on his/her own. While a Last Will and Testament will address you concerns upon one’s death, while a person is still alive and unfortunately incapable or incompetent to act for any reason, physical and/or mental, it is very important that you appoint someone else, usually a spouse, relative or close friend to handle your affairs. In the absence of a Power of Attorney, your relatives may be unable or limited to handle your affairs and may have to resort to the Courts to have a person judicially appointed, which would involve considerable time and expense. Simply stated, a Power of Attorney is another pillar in support of a basic estate plan.

A Health Care Proxy is very similar to a Power of Attorney in that you designate an individual or individual(s) to make decisions on you behalf. Unlike a Power of Attorney, the Health Care Proxy is specifically limited to medical and health related issues. Again, you always maintain the absolute, unfettered right to make your own personal health decisions; however if you are unable to do so, it is recommended that you appoint, a health care agent to make such decision(s).

A Living Will is a document that contains specific instructions and your personal directions for your family and medical professionals to follow in the event you are terminally ill and do not wish to the kept alive by artificial means.

The documents and information provided is only a basic preview or introduction to the legal services and representation that we offer to our clients. Obviously, these documents address major life issues and decisions that will impact you and your family. Our advice and representation will be based upon your personal needs. We again welcome the opportunity to meet with you perhaps meet with other members of your family; and if necessary other professional individuals, such as your accountant or financial advisor all at no charge to insure that your plan addresses all of your concerns. Finally, the firm is staffed and equipped to represent you and to provide professional services with matters involving all kinds of trusts and references for complex elder care planning matters.

ESTATE ADMINISTATION

The firm of Lite & Russell, also handles Estate Administration matters that generally arise upon the death of an individual.

Although death is a natural aspect and unavoidable consequences of life, it also gives rise to many issues or concerns that could have tremendous impact upon your surviving loved ones. For such reason it is very important to have an estate plan. Even if you do not have an estate plan, certain issues may arise which need to be addressed.

I generally suggest that you contact this office is you lose a loved one. It is not necessary that you address such issues immediately or prior to the funeral. The law allows and actually experts the process to take months (not years), to accomplish.

If the decedent had a Last Will and Testament, the interested person(s) or designated Executor(trix) usually contacts an attorney to initiate the process, referred to as probate. The proponent, generally by his/her attorney(s) will apply to the Surrogate’s Court for his/her appointment; and absent a contest will fulfill his/her duties within a reasonable period of time. Eventually, the Executor(trix) will distribute or disburse the estate properties in accordance with the decedent’s Last Will and Testament and conclude the matters with the proper guidance and legal representation; the probate process can be relatively straightforward, timely and cost effective.

If the decedent did not have a Last Will and Testament, the law will impose a scheme or method of distribution. We refer to this process as Administration. The scheme or method will depend on who the decedent’s next of kin or closest surviving relatives are. For example in the absence of a will, if the decedent is survived by a spouse and children, the law provides that the first $50,000.00 and one-half (1/2) of the decedent’s assets go to his wife, the remaining fifty (50%) is distributed to the decedent’s children pro-rata. Similar to in a probate matter, eventually the Administrator(trix) will distribute or disburse the decedent’s assets in accordance with the statutory scheme imposed and conclude the process.

Lite & Russell is and has over the past forty (40) years been equipped and staffed to handle all kinds and phases of estate administration, bearing in mind that these procedures can be emotional, sensitive and uncomfortable, throughout the Long Island area and the greater Metropolitan region. We welcome the opportunity to extend our professional efforts to expeditiously represent and assist you and your family in these types of matters.