It goes without saying that there are innumerable benefits you enjoy when you put delicate matters in the hands of a professional. It is like handing over a patient suffering from neural deficiency to a neurosurgeon; or calling a plumber to fix your gas pipe. Someone without qualification and expertise in such delicate areas cannot efficiently handle them. So also is estate planning.
Estate planning goes beyond drafting a will to transfer your assets. Even at that, there are core considerations you need to make as regards the efficient and cost-effective disposal of your assets. An estate planning attorney is a professional specialized in helping you map out an estate plan that covers all core considerations in estate planning in order to give you the most benefits out of estate laws. They help you prepare for future eventualities and would point out the weak points in your estate plan if you have already done one yourself.
If you live around Brooklyn, NY 11229 and desiring to speak with an estate planning attorney near you, kindly contact our law office.
6 Reasons why you should consider hiring an estate planning attorney
· To avoid mistakes
As have been said, there is a high likelihood that you would make mistakes when attempting estate planning on your own. Being a legal matter involving legal terms and requirements, your estate planning attorney is in the right position to execute your wills, trusts, etc. ensuring they are compliant with all legal requirements and that costly mistakes are not made.
· Preventing conflicts and confusion
If you die without duly addressing each of your asset whether collectively or individually, then some assets would be without beneficiaries. This would bring in confusion as your wishes are not known concerning those assets, and would give room for squabbles amongst your family members. It is therefore crucial to take time to assess all your assets. An estate planning attorney is highly efficient in this regard as they take time to carry out proper financial assessment for you and address all that needs to be addressed.
· Helping you prepare for incapacity
Some people do not even want to think about negative eventualities whereas this is basically the reason behind estate planning. Should something bad happen to you, what would become of your assets? Who would manage them? An estate attorney educates you on the documents you can create to appoint trusted agents who would manage your financial and personal affairs should you become incapacitated. A power of attorney, living trust, and healthcare proxy are important documents which your attorney can help you create in order for your best interests and wishes to be honored when you can no longer speak for yourself.
· Avoiding or minimizing probate
Probate is a court-supervised process by which your will is validated in court before your estate can be disbursed. In New York, this process is most times complex, time-consuming and expensive, all quite proportional to the value of the estate passing through probate. If you do not want your family to go through such stress while mourning your loss, your attorney can use trusts instead of wills as assets held in a trust pass outside probate.
· Carrying out tax planning
Estate tax is an amount payable from your estate before your beneficiaries can inherit if and only if the estate value surpasses a certain amount set by the government. In New York, the exemption amount is $5,850,000 as at January 2020 and $11,580,000 for federal level. Estates far below these thresholds do not necessarily need to worry about estate tax but if yours would be liable, your attorney can employ certain strategies to limit your estate value below that amount in order to avoid such taxes. They can do so by creating trusts for your loved ones (assets held therein would not be counted as part of your estate) or periodical gifting.
· Keeping up with state laws
State laws regulating estate planning are continuously changing and these would affect your estate plan. If requirement for validity changes, it can void your document. Your estate planning attorney who is always abreast of these laws would make necessary updates to your estate plan when the need arises.
Get the best of estate planning by involving a legal professional. Our expert team has assisted a plethora of clients all over New York and would as well help you. Contact us to speak with an estate planning attorney near 11229, Brooklyn.