New York's Foremost Estate Planning and Probate Lawyer/Attorney in Buffalo

In simple terms, estate planning is the process of making legal arrangements for the distribution of a person’s assets in the event of their death. Assets are what make up an estate and may consist of financial accounts, pensions, real estate property, personal belongings, and even debt. The purpose of estate planning is to organize these different assets and determine how they will be distributed and to whom. In addition, an estate plan allows for arrangements to be made for long-term care, guardianship, as well as the management of a person’s estate should they become incapacitated.

An estate plan is not the same thing as a last will and testament though the two are interrelated. Both an estate plan and a will lay out how a person’s property should be managed upon their death. However, a will is only one of many documents that can be included within an estate plan. A comprehensive estate plan can also include a living will, power of attorney, trusts, and beneficiary designations, among other important documents. It should be noted that while a will is a useful tool in protecting your assets, a thorough estate plan can provide more in-depth instructions and more security.

When a person dies without leaving behind a last will and testament, it means they have died “intestate.” Each state has its own intestacy laws. As such, the laws of the state where the decedent last permanently resided will determine how their assets and properties are to be distributed. Generally speaking, the spouse and children are entitled to the estate left behind by the decedent. In cases where the decedent had a spouse but no children, the estate in its entirety is bequeathed to the spouse. As intestacy laws differ from state to state, there are various ways in which an estate may be distributed in the absence of both a spouse and children.