Remediation in Estate Planning
Land that has hazardous materials or has been contaminated in any way that requires cleaning will be the responsibility of the owners of the land, regardless of when the contamination occurred. If you leave property in your last will and testament, your beneficiaries could end up paying huge amounts of money to clean up the land.
A Family Dry-Cleaning Business Left in Estate
In a recent case, a family had a dry-cleaning business which ended up failing an environmental test before the transfer of title following the owner’s death. The business was left to only one of the owner’s adult children, but the estate itself was very large. The one child could not afford to cover the costs of cleaning up the land and disposing of all hazardous materials in the soil.
The expense goes directly against the property though, so the owner of the property must pay to clean the land. The adult child who had inherited the property could not afford to pay the clean-up costs and had to file for bankruptcy, while the other beneficiaries received assets which were not otherwise encumbered and were able to enjoy the assets in their entirety.
A Properly Drafted Will Can Protect Property and Beneficiaries
A properly drafted will or trust can protect all beneficiaries from incurring unfair costs of any kind which may be attached to any given asset after an owner’s death.
If you own a business, or real property, contact experienced Estate Planning Attorney Elga Goodman today to find out how you can protect your assets and your loved ones. Call us at 973-841-5111.
Posted in: Estate Planning, New York Estate Planning