Estate planning Attorney near me 11022

Estate planning Attorney near me 11022

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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.

A good estate plan doesn’t just concentrate on beneficiaries, it also focuses on the estate owner, you. When making plans regarding how you ought to distribute your wealth to your family members and loved ones, it is important you consider your wellbeing as well. Should you become incapacitated without writing a will or planning an estate, you won’t have a say regarding who is to make crucial health care decisions while you remain incapacitated

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.

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.

Importance of Estate Planning

Estate planning is important, to not just the rich, but the poor as well. A good estate plan can help you and your family in several ways. It can help in distributing your assets according to your wish, it can help safeguard families with minors and it can also stop beneficiaries from overpaying on taxes. A good estate plan is the best way to care for your family even after your demise.

Below are a few importance of estate planning;

With an estate plan, you can select who inherits your assets:

When you die, your assets will need new owners. That car of yours will need a new owner, your houses, private jet, will all need new owners.  By planning your estate, you can designate individuals who you feel are worthy to inherit the assets you’ll be living behind. 

Without an estate plan, it is the duty of the court to decide who receives your assets. This will be done based on the intestate law of New York and it’s not a process you’ll like. Family feuds may arise, lawsuits, etc.

Avoid costly probate processes

Probate is a court process of verifying the authenticity and validity of an estate document. Usually, this process takes a lot of time. While some probate process take up to 3 or 4 weeks, some could end up going on for several months. Typically, the length of probate depends on the complexity of the estate and documents involved. Other factors such as will contest; family feud may influence the period. However, with a well document estate plan, probate can be avoided. Even if not totally avoided, it will be an easy short process. Most people having heard of horrifying probate experience definitely try all to avoid probate. An estate planning attorney will help you create proper estate plans to steer clear of harsh probate.

Contact an Estate Planning Lawyer

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.

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.

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