A will is the simplest and most popular estate planning document. On your will, you name your beneficiaries and what portions of your estate you want bequeathed to them. If you have minors, we can also help you name a guardian for them — someone who would look after their property until they come of age (18) to inherit them.
Our fundamental goal is to ensure your will addresses your peculiar situation and goals. We use the right terms as recognized by the court, and ensure your will complies with NY laws for validity.
The downside to using wills is that the document must go through the probate court when you die. The probate process is often lengthy and expensive, especially when the estate being probated is complex or high valued. To ease things up for your family, we would help you execute a living trust.
In your living will, you can make decisions on your preferences in an end-of-life situation. You can lay down your wish to not be kept on life support more than a certain period, etc. There are requirements, and we would ensure you are in compliance.
Revocable Living Trust
Relatively more complex than the will, a revocable living trust (or simply called a living trust) allows you to transfer property to beneficiaries outside of probate. This means the time and cost of probate are avoided. It costs more to execute a trust, but it is worth it in the long run. However, not all assets should go into a trust. With a proper understanding of your estate and wishes, we can combine a will and a living trust to simplify the asset transfer process while offering you and your loved ones the best benefits.
Power of Attorney (POA)
In a power of attorney document, you authorize a competent agent to handle your financial affairs on your behalf. Should you become incapacitated at any time, you would have someone making decisions and running your business for you. They are legally bound to always act in your best interest.
There are different types of Power of Attorney, viz.:
- Durable power of attorney: This document is durable in that your agent begins to act on your behalf upon execution and continues their roles even when you become incapacitated.
- Springing power of attorney: This POA goes into effect the moment you become legally incapacitated.
- General power of attorney: Your agent here has authority over all your affairs, including personal, financial, and medical.
- Limited power of attorney: Here, your agent has authority only as you have instructed in the document. They are limited by how much authority you allocate to them.
- Medical power of attorney: The medical power of attorney, also known as healthcare proxy, grants authority to an agent to make healthcare decisions on your behalf in the event you become unable to do so.
We will help you execute any of the above according to your needs and preferences.
What will this estate document do for you?
Asset protection is the act of shielding your assets from estate tax and creditor claims. Typically, your estate will be subjected to New York estate tax if the estate exceeds $5.85 million at your death. The amount can reach up to 16% of your estate and must be paid before your loved ones can inherit. Also, your creditors would come after your beneficiaries for what you owe them. To avoid making your beneficiaries give up a huge part of what they should be getting, we can help you carry out asset protection. We can do this by setting up an irrevocable trust, etc.
If you have minors and wish to leave assets specifically for them, we advise naming a guardian for them in case you pass away before they reach 18. This guardian will manage and use the assets for your minors’ benefit until they come of age to inherit.
In the event you become incapacitated in the future and you have no trust or power of attorney, then you would need a guardian yourself. Guardianship application is a legal and often tedious process, but we can work with you and your family to ease things up.
Our estate planning attorneys 14273 are also proficient in probate administration. If you’ve recently found out you’re the executor of your deceased loved one’s will, we can guide you through your administrative duties. We ensure you carry out your roles efficiently and disburse the estate as quickly as possible.
Estate planning attorneys near me 14273
Are you in need of estate planning services near you 14273 NY? Our New York estate planning attorneys are here to help you. Contact us to get in touch with our estate planning attorneys 14273.