Before we consider what an estate plan is, 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 thought about 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
Elements of an estate plan
There are a few elements of an estate plan but we’ll be looking at one of the most important of them.
Here is one of the most important elements of this plan. A will is a document that holds crucial information regarding your estate. Though important, a will is just a cog in a wheel as far as estate planning is concerned.
In this document, you are to state the names of the persons who you wish to transfer your properties to. For instance, if your wish is for your younger brother to inherit your car, you are to state it in this document. In this document, you are to list your assets, and how you want them to be distributed and managed.
A will also contains the name of your estate executor and information regarding your burial arrangements. If you want to be buried in a certain location, if you want to be cremated, you are to state it in this document.
An estate executor, also regarded as an estate administrator, is chosen by an estate owner to ensure that his or her wishes is honored. This individual has lots of duties. It is the duty of the estate owner to ensure that all unpaid taxes and due debts are paid. If such debts and due taxes weren’t stated in the will, it is the duty of this individual to locate them and do the needful. This can be done alone or with the assistance of an estate planning attorney.
An estate executor must be approved by the court before he or she can begin the assigned tasks. If you don’t have a will or you failed to choose an estate executor, the court will choose one for you. Selection is not done at random. The selected individual is usually someone close to the family.
During the probate process, the estate executor is the one who will appear and speak on behalf of the estate owner. It is also the duty of this individual to tender the deceased’s will to the surrogate court in New York.
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.