Many people die without planning their estate while others die with an estate plan in place. If you die without planning your estate, you will be inadvertently putting your family and loved ones in a tight spot. Failure to plan your estate could result in a battle over your estate, which is something you would not want to experience if you were alive. If you don’t plan your estate before your demise, the government has the right to dictate how your assets will be shared and managed. All will be dine based on the intestate law of your state. An estate plan can simply be regarded your death wish. If you plan your estate before your demise, your wish regarding your estate will be granted upon your death, but if you decide not to, you may not like the outcome.
How will an estate be disbursed if there is no valid estate document?
A will is simply a legal document that contains everything regarding how you want to be buried including your assets and the beneficiaries of your assets. In your will, you are to state the executor. A will executor is a trusted individual who will act on your behalf upon your death. It is the duty of this individual to ensure that all your wishes are granted. In the absence of a valid will, the decedent is said to have died intestate, and their estate is administered according to the New York laws of intestate succession.
This law mandates that the first $50,000 of the estate plus half of what’s remaining must go to the surviving spouse. The other half will then go to the children. In the absence of a spouse, the entire estate goes to the children and vice versa. In the absence of either, the entire estate must go to the parents of the deceased or their siblings, or grandchildren, depending on the closest survivor in that order.
It is the wish of everyone to avoid probate which is why a trust is usually set up to by estate owners. With a trust, you can transfer the legal titles of your property without paying taxes. With a living trust, the executor of an estate can begin his role without the certification or approval of a judge.
How a Will contest can be handled.
A family member may contest the validity of the will and even reject your position as an executor. They may not understand the probate process and so misunderstand your management of the estate. You may even be accused and dragged to court. The occurrence is not uncommon in New York.
Here, you would need the backing of a probate attorney. Will contest occurs when dissatisfied parties legally rejects the validity of the Will. Estate litigation may occur among family members who feel cheated. All of these scenarios would require the professional handling of an experienced attorney in order to quickly resolve such issues. His presence, guidance and explicit explanation of the will and probate process will even help them better understand the legal situation and hence prevent all unnecessary accusations and lawsuits.
- Personal representation are vital to the implementation of estate plan.
- Your personal representation would ensure that your desired beneficiaries gets your estate.
- Once involved in your estate plan, probate lawyer would ensure that no family feud come up probate of the estate.
- Estate plans can be made to reflect and implement your mid, short and long term plans. However, you can speak with an estate lawyer to know suitable documents that would reflect these plans.
- The chances of success for implementation of an estate plan increases when you chose the right representative.
- Since estate plans are made in preparation for any uncertain life occurrences, you need the right lawyers to ensure your desires and plans are duly implemented.
- Probate lawyers would guide you through any probate process. Also, the estate lawyer can step in a play the role of the executioner of your estate plan.
- While other estate document such as last will may go through probate before it can be implemented, the living trust allows transfer of assets without any probate process.
Contact a probate attorney near you today
A probate attorney is need for a smooth probate process and also implementation of your estate plans. The attorney can also act as an executor or personal representative for your estate. Probate duration of an estate plan largely depends on the complexity of the estate, and also inadequacies in estate document. Either way, an estate attorney would help you from creation of estate plan to its implementation.
Contact a probate attorney today.