Everyone needs a comprehensive estate plan. An estate plan may include a Last Will and Testament (a “Will”), a financial Power of Attorney, and an Advance Directive for Health Care, among other documents. For complex estates, a Trust may be needed.
With a Will, you will name the beneficiaries of your estate, leave gifts to individuals or charities, and choose executors, guardians, trustees, and other important roles to handle your estate after your passing.
WHAT HAPPENS IF YOU DIE WITHOUT A WILL?
- The state where you resided will determine how your property is distributed. This may include any bank accounts, securities, real estate, and other assets you own at the time of death.
- The state will decide how the financial welfare and care of your children will be handled after your death.
- After you have passed, your heirs will be forced to spend additional time, money, and emotional energy to settle your affairs, which could take years.
- Your assets can end up not in the hands of the people you wanted but in the hands of people you don't want to have them.
- You will be unable to leave gifts and charitable donations you care about.
- Without a Last Will and Testament, you cannot prevent family squabbles and disputes by ensuring that your property and assets are distributed according to your wishes.
Make an estate plan so you can have peace of mind that your advanced planning may prevent family disputes, avoid inheritance taxes, maximize and protect the assets available to loved ones, and avoid litigation.
For our Muslim clients, a Will that is Shari'a-compliant is even more crucial. Creating an Islamic Will ensures you are fulfilling your Islamic obligations. An Islamic Will follows Islamic inheritance law by providing your Islamic heirs with their Quranic shares, allowing you to leave bequests of up to 1/3 of your estate to individuals or charities, and confirming your Islamic burial arrangements in your Islamic Will.
To schedule a review and evaluation of your estate planning needs, including if you need an Islamic Will or an Islamic Trust, contact our firm to schedule a consultation. Our New York and New Jersey estate planning attorneys are experienced, knowledgeable, and efficient.
AWAD & KHOURY REPRESENTS CLIENTS IN THE FOLLOWING AREAS:
- Drafting, reviewing, and updating of complex and simple wills (including Islamic wills)
- Establishment of trusts: revocable trusts, irrevocable trusts, and special needs trusts (including Islamic trusts)
- Insurance planning
- Limited family partnerships aimed at preserving family assets
- Powers of attorney
- Living wills (advance medical directives)
- Business succession planning (prepare for a smooth transition of your business to the next generation)
- Probate and estate administration
Whether your estate is large or small, simple or complex, plan now to avoid estate tax. Protect your heirs from costly and stressful estate litigation. Contact us at (201) 462-9500 to schedule a consultation.