Long Island estate planning attorneys can provide you with vital information about the implications of being married when you are making an estate plan. If you are married and you are trying to determine who should inherit your money and your property after you have passed away, you need to be aware of the fact that you may be unable to disinherit your spouse. In other words, even if you try to leave all of your money and your assets to someone other than your husband or wife, the estate planning tools that you use may not actually be sufficient to prevent your spouse from getting his or her hands on part of your assets.
Eghrari Wealth Training Law Firm can provide you with assistance and advice during the estate planning process. Our legal team will let you know what the rules are for disinheriting a spouse, what a spouse’s rights are to an inheritance after your death, and what you can do in order to try and make certain that your wishes are respected when it comes to the transfer of your property after you pass away. In addition to offering you personalized advice specific to your situation, we can help you to understand why disinheriting your husband or wife may not be as easy as just making a will.
What is a Spousal Elective Share?
A spousal elective share gives the right to a spouse to claim a certain portion of his or her husband or wife’s estate after death, regardless of what a last will and testament or certain other estate planning tools say. If, for example, a husband left no assets at all to his wife but instead give all his money to a child or a charity, the wife could reject the use of the will to determine what she inherits and could instead claim the spousal elective share. She would be electing – or choosing – to take the default inheritance the law provides instead of the inheritance left to her.
The rules for the spousal elective share in New York are found in New York Consolidated Laws, Estates, Powers and Trusts Law § 5-1.1-A, Right of election by surviving spouse. Under the laws of New York, a husband or a wife could elect to take the greater of $50,000 or 1/3 of the deceased person’s estate, instead of accepting the inheritance provided for in the will.
How Can You Create an Estate Plan that Accomplishes Your Goals?
Eghrari Wealth Training Law Firm can help you to understand how the spousal elective share could work to give your husband or wife a right to make a claim against your estate. If you do not want your spouse to be able to inherit, we can help you to explore the options available to you under the law to try to ensure that your property is able to be transferred to the new owners who you would prefer.
The future is uncertain, and you never know when or if something could happen to you, so you should not wait to work with an experienced attorney to make plans to determine how your property is going to be divided among the people you love and the causes that matter to you. You don’t have to feel pressured to give everything to your spouse that he or she would be eligible to receive under default laws– you need to make the right decision based on your marriage and family. Our firm will help you to decide what should happen to your assets, so reach out to us as soon as possible.
Getting Help from Long Island Estate Planning Attorneys
Eghrari Wealth Training Law Firm can explain to you what the implications are of getting married if you are thinking about tying the knot but you have concerns about the inheritance of children outside the marriage or other family matters. We can help you to find ways to safeguard your rights to leave property and money to your intended heirs or beneficiaries, regardless of your marital status.
We can also provide you with comprehensive advice on the spousal elective share, on other New York estate planning laws that could impact your legacy, and on the legal tools that you should use to take control over who inherits. To find out more about the kinds of services an estate planning lawyer provides to you, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online to speak with Long Island estate planning attorneys and get personalized help with your estate plan.