What is an estate?
Before we delve into what estate planning entails, it is important that we all understand what an estate is. What is an estate? An estate is simply your net worth at any point in time. Or an estate can be regarded as all the money an assets you own, especially after your death.
Have you ever imagined what would happen to your assets when you die? What happens to your houses? Your cars? Those cash in your multiple accounts? That ancient and valuable painting you cherish? That family treasure you own that has been passed down through several generations? If your notion is that after your death your assets will be passed down to your spouse, first child, sibling, etc., just like that, you are totally wrong. Due process will have to be followed and to ensure that you have a say in this process, you need to plan your estate.
Having known what an estate is, let us take a quick look at what estate planning is.
What does it mean to plan an estate?
Estate planning is a very common word but many people don’t know what the tem means, the few that know don’t know much. They believe estate planning starts and end with writing a will. This plan is far more than that.
The plan made in anticipation of your death can be regarded as an estate plan. This plan usually covers several things ranging from the distribution of house assets, the payment of your debts and due taxes, etc. Without an estate plan, it is very certain that your estate will have to undergo the probate process.
Every day, several estate owners die without planning their estate; what a tragedy! If you die without an estate plan in New York, your estate will have to be managed and distributed based on the intestate laws of New York. This process is not straightforward. It can be long, expensive and stressful for your family and loved ones.
Qualities of a good estate planning Attorney
When hiring an estate planning attorney, ensure you go for the best, one that can defend your interest and that of your estate beneficiaries after your demise. Below are some things you should look out for in an estate planning attorney in New York.
Must be competent
Not all attorneys can help in preparing an estate plan. Some attorneys specialize in handling divorce, personal injury and civil cases. If you want to plan a topnotch estate plan, you need to hire the best. Ensure that whoever you are hiring is an experienced estate planning attorney.
Should be able to carry out an extensive array of tasks
Estate planning involves panoply of topics, these topics range from trust administration to probate. A competent estate planning attorney should be able to plan an estate that avoids probate by creating trusts for loved ones. He or she must be able to help in reducing estate taxes, make plans for disability, and help in creating a will that mirrors your intentions for your estate.
Estate planning Attorney
Due to the nature of an estate plan, and how complicated it can be, you may need the help of an estate planning attorney when planning your estate. An estate planning attorney is an expert in the estate planning process. You stand to benefit a lot if you contact one when planning your estate. They are experienced, familiar with loopholes in the estate planning process, they know the court processes well, have important resources at their disposal, and can offer you the best advice when you need one.
Estate planning mistakes exist. Sometimes these mistakes alter the intent of the estate owner regarding his or her estate. The main purpose of an estate plan is to mirror the wishes or intentions of the estate owner, an estate plan that doesn’t do this has failed. To avoid unnecessary mistakes it is best you contact a professional. Contact us, and we will provide you with the best New York estate planning attorney for your estate plan.