Do I Need an Attorney for Estate Planning NY?

Share This Post:

Do I Need an Attorney for Estate Planning NY

Estate planning lawyers have dedicated their time to directing clients with matters of estate planning because they are skilled and have experience with the rules that cover estate planning matters. They also direct executors and managers throughout managing estates. Estate planning lawyers play different roles, among them is; drafting will deed, drafting powers of attorney documents (medical and fiscal), coming up with means to decrease estate taxes or decreasing them where they can, help to title the beneficiaries, minimizing the chance to probate progression, establishing trust required to safeguard your assets while living, and for heirs after death. However, drafting estate deeds is not the final in an estate planning lawyer’s duties, they also offer advice on which document to undertake in different stages of your life. Some functions include:

1. Drafting a will deed

The fundamental will deed in estate planning that the estate lawyer helps you draft are the last will and the living will. In the event you are seriously incapacitated, a living will estate deed clarifies your directives to your medical associates for using extraordinary approaches to sustain your life. When you die and leave behind your assets, the last will deed offers directions on how you wish your assets to be inherited by your designated heirs.  Our qualified estate lawyers help in arranging your will deeds and with the probate process in NY.

2. Drafting powers of attorney deed.

The power of attorney is an estate deed that gives authority to a different person to manage your financial matters. An estate planning attorney ensures your power of attorney is properly drafted so that you prevent guardianship which can be costly and time-consuming.

3. Drafting a health care proxy deed.

In the event you are incapacitated and cannot reason for your own, the power of attorney estate planning tool enables another person to manage your financial matters. Our estate lawyers draft a healthcare proxy professionally to avoid the costly and frustrating conservatorship progression in the event you are incapacitated.

4. Coming up with an estate tax decrease plan.

Estate taxes have to be at their minimum point possible for you to economically execute your estate plan, estate lawyers know of minimizing these estate taxes. They can achieve this by including charity estate planning, buying a life insurance policy, putting up an irrevocable life insurance trust, putting up a donor-guided trust, investing in industries where your beneficiaries have shared, spending, or giving assets, and so on.

5. Advising on various estate matters

There are many occasions in the estate planning process, where you will experience difficulties. An estate planning lawyer gives you advice and the way forward in such situations. They apply their learned skills and experience in the field of estate planning to ascertain the success of securing your assets throughout your life and transferring the assets to your heirs according to your directives.

FAQs:

1. What does probate mean?

Probate is a court process that is meant to enforce the provision of a will and deal with any disputes regarding the decedent’s estate.

2. Is probate desirable?

When probating a will in NY, some aspects may result in inconveniences. First, it is time-consuming, the more complicated is the descendant’s will, the longer it takes. This attracts more fees payable to probate courts, probate lawyers, etc. This may leave very little for the beneficiaries. Estate lawyer’s services prevent all these inconveniences.

3. What does guardianship mean?

  A guardianship is a status legally used where you can no longer decide rationally regarding your wellbeing or fiscal matters.

4. Do I draft a will by myself?

The complexity of your assets will determine how your will is drafted. Either way, consider hiring a lawyer to draft your will deeds. complications that may result from a poorly drafted will deed are avoided this way.

5. What happens when a parent dies leaving no will?

Dying intestate is dying without a Will. intestacy rules in NY are properly defined. These rules provide how your assets should be handled without a will at your death. Intestacy rules are made based on the structure of a normal family, both nuclear and extended.  

6. What is trust and how is it important?

In case you have heirs who cannot manage the estate given to them upon your death, a trust estate planning tool allows you to appoint a trustee who will hold these assets on behalf of the heirs until they become capable of handling them.

DISCLAIMER: The information provided in this blog is for informational purposes only and should not be considered legal advice. The content of this blog may not reflect the most current legal developments. No attorney-client relationship is formed by reading this blog or contacting Morgan Legal Group.

Got a Problem? Consult With Us

For Assistance, Please Give us a call or schedule a virtual appointment.