An estate plan is a plan made to manage and distribute ones assets after death or incapacitation. This plan is usually done by an estate proprietor when alive, it then comes into effect after the death or incapacitation of the individual.
When you die what happens to the cars, investments, insurance, and houses that you owe? They go to certain people in your life, right? Well, the process isn’t as easy as it seems.
Your brother, wife, husband or children cannot just lay claim to your properties after your demise. It isn’t legal. Due process have to be followed to ensure that your properties are not only passed down to the right beneficiaries, but to also ensure that all unpaid debts, due taxes, etc. are settled.
What it involves..
First off, you will have to write a will that states your intention regarding your assets; how you want them to be managed and distributed, including who you want them to be distributed to. Writing a will is a little portion of estate planning. So you shouldn’t harbor the notion that estate planning is simply all about writing a will; it is far more than that.
After your demise, whoever is in charge of your will must come forward with the will. The will is to be given to your estate executor. An estate executor is that individual who will be designated by you to ensure that your wishes are fulfilled. Afterward, your will is taken to a surrogate court in New York where the authenticity is determine. Every county in New York has its own surrogate court that takes charge of the probate process and the administration of an estate.
During the course of probate, which can be lengthy, difficult and expensive, it is the duty of your estate executor to ensure that your assets are managed, and all your outstanding debts and taxes are paid.
What will happen if you die without writing a will in New York?
Would you like the thought of someone dictating how your estate is to be shared and managed? I doubt you wouldn’t like that. Well, that is exactly what would happen if you die without will. The government will have no choice but to distribute your assets based on the intestate law of New York. You nor your living spouse won’t have a say regarding how your assets are to be managed or shared. This can result in misunderstanding between family members, lawsuits, damaged relationships etc.
You can select an estate executor of your choice, guardian for those little children of yours, etc. A guardian will cater for your children needs if you or your spouse dies.
If you die without a will, the surrogate court in New York will designate an estate executor on your behalf, the court will also select a guardian for those little children of yours. Also, with a will, you can make the necessary plans that can help prevent estate taxes, and create trust for your children including other beneficiaries.
Trust and estate planning
A trust is a very crucial estate planning tool that can come in handy during complicated situations. This tool can also help in managing your assets and also safeguarding them from the probate process.
A trust can be created to provide income for an individual who lacks the capacity to manage large amount of cash either due to their age, or disability.
Estate Planning Lawyer
When planning your estate, you may require the help of an expert. An estate planning attorney boast of the necessary skills, knowledge, and experience to walk you through the estate planning process. With the assistance of the attorney, you will plan an estate that conforms to your wishes and the laws of your state.
If you live in New York and you have finally decided to plan your estate but you need advice or assistance on how to get it done easily, you can contact us. We will provide you with the best estate planning attorney.
